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FINANCIAL 





Syrians learn to do 
without the bare 
necessities. Page 6 


No. 30,376 


EUROPE'S BUSINESS NEWSPAPBt 

Friday October 30 1987 


D 8523 A 


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World News 


Business Summary 


Another US ' deal 
conservative on EC meat 
named for hormone 
US Court ban delay 


teraay annom 
_ -pteme Court 

\\ Qft place Judge ] 

"■‘■J defeatedflrst 

^Vl TTK Senate 


which will enable most member 
statesto postpone the contro- 
versial ban on beef produced 
with hormones. Page at - 


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Prudent Ronald Reagan yes- US appears poised to 
today announced a new So- European . Community 

preme Court' nominee to re- 
Judge Robert Boric, his 
t choice and told 
the US Senate that it was vital 
to have .a qjtick confirmation. 

'• He . named Judge Douglas 
Ginsberg, 41, a former Harvard 
Law School professor and head 
of the Justice Department's an- 
ti-trust division. 

Judge Ginsberg's selection is 
a victory tor US Attorney-Gen- 
eral Ed Steese who had urged 
Mr Reagan to' nominate a. con- 
servative judge and to stand 
firm against liberal pressure 
groups’ opposition. 


COMPAQ COMPUTER, US . per- 
sonal computer, manufacturer, 
has announced dramatically 
higher third-quarter net earn- 
ings of 988.4m, or 94 cents a 
share, compared with $8. 7m; or 
31 cents tor the same perlodlast 
year. Page 87 


COPPER prices fell sharply on 


the London Metal Exchange as 
1 waryor buy- 


investors remained waryt 


French gas alert 

About 50,000 people were or- 
dered to evacuate their homes 
near Nantes, . western France, 
when a 15km cloud of toxic gas 
drifted down the River Loire 
from a fire in a manure silo. 
Some 24 peopleware injured. 


US-Saudl Jets deal 

The ' Reagan ' Administration 
told Congress it intended to sell 
F-15 jet fighters and other mili-- 


tary equipment worth a total of 
: to Saudi Arabia. Leglsla- 


5997m 

tors had SO days to debate the 
plan. 


Copper 

Cash Metal (£ per leant) 
1250 


.1200 


1150 


1100 



October 1987 


Hormone pact near 


The US appeared poised to ao- 
i EC plan 


cept an EC plan which would 
enable most member states to 
: a controversial ban on 
with hormones. 

«*** 


lag. The Cash Grade A quota- 
tion closed at £1448 a tonne, 
down £4050 on the day. Page 38 


GOLD fell to 9472.75X947825) In 
Zurich. Page 99 


ItaHad rail strike 


A- 24-hour unofficial strike by 
rtaifqn railway workers - over 
pay aud conditions - left only 10 
per cent of Italy's trains run- 
mng. Strike tow* planned. Page 1 


DOLLAR closed in New Toxic at 
DM1.7305; Y138.75; SFrli4385 
and FFML8875..It fell In Londpn 
to DM3.7280 (DM1.7530); to 
Y13&15 (Y139JZ5); to SFrL4835 
(SFrL4440); and to FFr55256 
(FFt5l 8750). .On Bank of England 
figures the dollar’s exchange 
rate index fell <X5 to 985. Fyge 


French so fdters shot 

imHJNG closed In New York 
«t»L7125. Rm lp Ludoo ta 



spendmgbu space projeefsto 
reduce d< 


9L7205 - mjnMfc -.but- .feu ..to 
DSf2i^Kv-^HM2.9075); : to 
Fmwnzs JflfFrlWlBk- to 
SFA4675 (SgxL47); and to 
V237.75 (Y23A25X The pound’s 
exchange, rate index rasa 05 to 
74AFsge3r 


lependence on the US- 


reduce 

torvitali __ 

carity 'necds, a joint report by 
xetonrch'; institutes in Bonn, 
Parish London, the Hague and 
Room fcaJd/gpece agency meet- 
togjNgea.. 


ANHEUSER-BUSCH, worWaJ 
largest brewer, haa shown a lftl 
penreent increaseln third-quar- 
ter net income to fUCLSm’ or 65 
cents a share as its beer brands, 
added to their already domi- 
nant US market share. Page 27 


Soviet ‘mafia’ exposed 

Corruption and embezzlement 
- former Soviet leader 
Leotad: Breshnev reached the 
highest. Circles, with ministers 
and ieven higher - offidala in- 
volved' in a 'mafia'of bribe-tak- 
en, a' Soviet legal expert 
planned 


BETHLEHEM Steel, large US 
intexgrated steel company, re- 
ported third-quarter e arnin gs 
of 930i4m or 47 cents a share 


against a loss of |7Lkn in the 
ldB6 Sep 


27 


September quarter. Page 


kaqtenftseek asylum 

Sixteen Iranians on a flight 
front Cuba asked tor political 
atyhnn In Ireland after leaving 
a Moscow-bound airliner at 
Shannon Airport. Irish officials 
-were investigating their back- 


Irsnretalfate8 


franian. artillery launched a 
M^ .ixtmbardmeiit on Basra 
im retajiatlon for the resump- 
tion of Iraqi air raids on 
9e<hiesday.rnge« 


GENERAL RE, largest US re-in- 
surance company, reported a 
strong increase of 14S per cent 
in its operating income to 
91204m In the third-quarter to 
September. Page 27 

»*MI> MINKS, mining . arm of 
Sooth Africa's Bartow Band 
group, reported lowered tank- 
over in the year to September - 
down to R760m (537&2m) from 
R787m in part because, a 
chrome mine waa swapped tor a 
min ority Interest in a vanadium 
mine development. Page 27 


Press shield sought 

Wtet Xforman government «nd 
appndtton deputies called for ? 
new lairs to protect journalists ““ 
after the Supreme Court ruled 
.that reporters must surrender 
~ sitopes or films to police if 


GOLDFIELDS Industrial Cerpe- 
raBea, South African machine 
tools company 64 per cent 
owned by B Elliot 'of the us, in- 
creased turnover In the six 
months to September to B23m 
(911.4m) from RSOlTUi and pre- 
rose to R2.43m from; 
Page 29 . 


Loqusts head for Spain 


EDGARS STORES. South Afri- 
can feshlou group, lifted turn- 
over by 28 per ceut'in Hie six 
months to September to R543m 
(fswubn) from R423m. Page 89 


WEglTOcjJjMMC^ yn. 


S^a. pre p ired tu». owned by Mr Tout 

icagapraying aircraft to tackle a . bor _ j }ecamc the first major 

dettm of the Anatralian share 
raiiet crash when -it 


ttflocnata expected to ar* 
rfwK from Algeria. . 


f^-Wost art acuord 


placed in receivership. Page 29 


of 


Wat and East 

toxetuzn a combined 
‘wifiuia of ait evacuated from 
galleries during, the Second 
world-War and stored in each 
osier's territory since then. 


RANK BUMIPUntA, large. Ma- 
laysian bank, returned to prof- 
its in the year to March for the 
first time since it was bailed out 

ih 1983 fay Pe t n m as, state oil 
compaim. Nrt profits wereh7m 
rtoggit (W EDto lMk 9> . 


Soviet Union says US summit will be held before the year is out 


US President Ronald Reagan 
and Mr Mikhail Gorbachev, the 
Soviet leader, will definitely 
hold a summit meeting by the 
mid of the year, the Soviet For- 
eign Ministiy said yesterday. 

Sir Boris Pyadyshev, deputy 
foreign ministry spokesman, 
said Mr Eduard Shevardnadze, 
the Soviet Foreign Minister, 
who is to be in Washington to- 
morrow and Saturday would fo- 
cus on completing ah agree- 
ment to abolish intermediate 
nuclear forces GNF). 

"Along with the INF issue, it is 


place at fhe forthcoming sum- 
mit later this year on halving 
strategic nuclear anus and the 
question of retaining the Anti- 
SwUstic Missile treaty," Mr 

Pyadyshev said. 

The White House said that a 
date for a summit had not been 
fixed, but indicated that Mr 
Shevardnadze might bring a 

proposal with him. 

.Mr Reagan is scheduled to 
meet Mr Shevardnadze at the 

White House today. The meet- 
ing 'will follow talks at the US 
State Department between the 


BY PATRICK OOCKBUVMMIIOSGOW AND 1 
LIONEL BARBER M WASHMQTON 


FTank Carfrtcci, Mr Reagan’s 

National Security Adviser. 

US officials are waiting to see 
if Mr Shevardnadze will convey 


new proposals on space weap- 
"ic mu- 


ons and strategic ballistic 


made on llndting Mr Reagan's 
Strategic Defence Intiattve, or 
Star Wars. 

Nevertheless, the overall So- 
viet objective remains the 
same: to use the impending INF 


that there had been "signs of 
compromise from the US sidein 
very recent times. 

"we have an understanding 
that alongside the INF treaty. 


questions of strategic arms 
onctic 


siles and make an agreement in agre ement and s ummi t as a le- 
principle In these areas a con- w to toe US to reach an 


dltton for a summit meeting. 

The Soviet Union now seems - trea 
to be backing away from the re- way 


agreement on the 1972 ABM 
which would open the 
50 per cent cuts in the 


ions and preservation of 
the ABM treaty will be dis- 
cussed in great detail. This is 
enough for a summit to be held." 

Mr Shevardnadze was due to 
fly to Washington from Prague 
last night carrying a letter for 
Mr Reagan from Mr Gorbachev. 

The Soviet Union spokesman 
said that Moscow believed it 
would be possible at the summit 
to draw up a list of key instruc- 
tions to negotiators at the Gene- 


va, nuclear disarmament talks 
on strategic weapons cuts and 
ABM. 

This would open the way for 
an agreement on these two is- 
sues to be drawn up in the first 
half of next year. At the first 
summit between Mr Reagan and 
Mr Gorbachev in Geneva in 
1985, it waa agreed that the Sovi- 
et leader would visit Washing- 
ton followed by Mr Reagan com- 
ing to Moscow. 

Mr Pyadyshev said an outline 
accord on strategic weapons 
and the ABU could be signed at 
a summit in the Soviet capital 
next year. 

Editorial comment. Page 24 


Trading remains volatile • Britain may act on Interest rates 

Lawson 


Dollar loss limited 



gives BP 
share issue 
go ahead 


BY PHUJP STEPHENS, ECONOMCS COfUIESf’OMDENT, M LOtOON 


Reagan raises 
Sprinkelto 
Cabinet post 


THE DOLLAR remained under 
pressure on foreign exchange 


markets yesterday, although its 
losses were limited by a further 
round of central bank interven- 
tion and by a strong recovery on 
Wall Street 

During another day. of volatile 
trading, attempts by the Group 
of Seven nations to "talk up* the 
dollar by re-affirming their 
commitment to February's Lou- 
accord were undercut fay 


uncertainties over progress in 
negotiations to cut the US bud- 
get deficit 

European officials said that 
central bank intervention over 


the past two days now totalled 
well- ove 


over 92biL Part of that, 
however; represented interven- 


DoHar * 

against the Yen (YwiparS) 
148 



1.72 


October 1087 


early 


the conditions for an 
meeting of the Group of Seven. 
These conditions included 
large cuts in the US budget defi- 
cit • substantially more the 
9831m envisaged in the Gramm- 
Rudman law - and lower inter- 
est rates in West Germany and 
Japan. 

He also called for a major 
strengthening of the Louvre ac- 
cord to include joint manage- 
ment of Interest rates. 

Mr Jacques Defers, the presi- 
dent of the European Commis- 
sion, faced strong criticism 
from a number of finance minis- 
ters and central bankers for his 
comments earlier this week sug- 
gesting that the US was pre- 
pared to allow the dollar to fell 


By Pstsr RkkM and Janst Bush 
in London 


BY LIONEL BARBER IN WASHMQTON 


BRITAIN'S £2bn ($1.7Ibn) BP 
share sale is to go ahead but the 
-Bank of England will boy back 
shares for the next month or two 
at current market prices. - 
Mr Nigel Lawson, the British 
Chancellor, announced the de- 
cision in the House of Commons 
just after 10pm last night, after 


several days* speculation. 

closed hei 


The offer closed heavily un- 
der-subscribed on Wednesday 
and dealing arc dne to start at 
290 pm this afternoon. 

The Chancellor said that, af- 
ter consultations, as laid down 


in the prospectus, he had decid- 
st the offer should pro- 


inmu* 4cpAcocui«u a iw sa rwr - jnuou iw ouuw use uuusu mu 

tion by the Bank of England to Paris said yesterday that after sharply. Yesterday the Commia- 


hold down sterling's value 
against the D-Mark and action 
by the Bank. of France to sup- 
port its currency In the Europe- 
an Monetary System (EMS). 
in , London there was intense 
clarion tjiai the Bank will 
rfabvfe to repeat last week’s 
cut In- interest rates, although 
the . -timing ' of any such -move 
would depend on reaction to 
foe CflUrttnMft' decision on 
foniBBifestte. c 7 # ■*: i • . 

JhejgpsuffimMliiM 

to create 

. within^' the EES ex- 
change cate mechanism, will be 


iwtunliy supporting the French 
franc in foe markets, foe Bank 
of France had subsequently -al- 
lowed foe rate to fell below Its 
central rate against foe DMark. 
The West German currency tra- 
ditionally b e nefits mare than 
its EMS partners from a felling 
dollar. - 

The Community’s official are 
]jMr to discuss whether feteir 
Ifoptopifacr , agreement pxovid- 
Jn fc for togramd: tes^qntton 

^nitelES StaotfETCOntecisse 


sion said that Mr Deters had not 
been briefed on US intentions. 

On the foreign exchange mar- 
kets, the dollar received some 
support from a sharp fell in 
West German money market 
rates following a decision fay 
the .Bundesbank to inject 11- 

S hltty ;luto foe mark e ts . The 
1 in borrowing costs was seen 
possibly paring foe wayfor a 
~ Bsbank’s official 


ed that 
ceed”. 

But he recognised "foe con- 
cern that, in current unsettled 
market conditions, foe sale 
could have an adverse effect on 
market 


sentiment, particularly 
In markets outside foe UK, 


[-writing is 
trated in relatively few hands'. 

Consequently, to prevent a 
diso rderly market in ] 

Pun 


p, Render 


n ffs n io next 




partly 

paid BP shares, Mr Lawson said 
that "the issue department of 
foe Bank of England will be 
ready for foe next month to pur- 


reflected what 
were spixd&l tend- 
fectora. 


dfecjwftd. fay . sealer European. 


ry officials at a meeting 
in Brtnttehfatodav. ' 

O fflc h te i RwM ed that the 
meeting 1 foe- Community’s 
Monetary Committee had been 
scheduled several months ago. 
They acknowledged, however, 
toatthe stock market crash, the 
dollar’s .slide and the implica- 
tions for the -EMS were now 
likely to be. the main items on 
foeagenda. 

Foreign -exchange dealers in 


forms l itfeawp«r«^iay have not tn^ffiopthfo 
yet been edndludedi. '.The ’US 

Ete-affirtaatkms of the Loqvre were afeoJJjnited by foe- central 
icrenL came from finance nun- bank action intervention, par- 


in part 

>wia« 

ora. 

c ur rency ’s losses 


ib .chase dmejni4nniiiNh 


foferongb- 


^nrirepi^TOpi^jlrire 

■BWalent to foe price uP- 


g|ed by the ievel at which 


PRESIDENT Ronald Reagan 
has persuaded Mr Beiyl Sprin- 
kel, his personal economic ad- 
viser, to withdraw his resigna- 
tion because of foe turbulance 
in flBxujil mai hets. 

He has been promoted to a 
Cabinet post, 

The White House said yester- 
day that Mr Reagan wanted Mr 
Sprinkel to stay on as chairman 
of foe Council of Economic Ad- 
visers because of a continuing 
need for "sound advice and sea- 
soned judgment’ 

Mr Reagan has been widely 
criticised on Wall Street and in 
the Congress for initially down- 
playing the stock market crash. 

However, foe decision to re- 
tain Mr Sprinkel is more a cos- 
metic move than a decisive shift 
in economic policy-making and 
may reflect earlier difficulties 
in finding a high-calibre re- 
placement during foe final 12 
months of Mr Reagan’s preis- 
dency. 

- Mr Sprinkel’s promotion is 
the first time an economic ad- 
riser has been rewarded with a 
Cabinet post 

Bat Ms Marlin Fitrwater, 
■‘WWte Hdhse riuefr-Spekesman, 
rejected suggestions that foe 
post was the price to persuade 



Beryl Sprinkel: cheer leader 


Economic Advisers, Mr Sprin- 
kel meets with Mr Reagan once 
or twice a week. 


His contribution has largely 
re and 


Accord, came rxomzmanee nun- out action intervention, par- 
Isters and central hankers in al- ticularly after the US Federal 
most every major capital, in- Reserve was reported as buying 

eNevYn' 


eluding from Mr James Baker, dollars in the New York market 


the US Treasury Secretary. In 
Tokyo, Mr Kiichi My as a wa, Ja- 
pan's Finance Minister, said 
that, if necessary, central banks 
would continue to intervene 
agrresively in the markets. 

Mr Edouard Balladur, the 
French Finance Minister, 
called on the three biggest in- 
dustrial economies to establish 


Traders, however, said that 
there was little conviction that 
the dollar could be sustained at 


Continued on Page n 
Market* In turawil. Page 2; Lex, 
Brussels wields the bhw pencil. 
Page 29; Carrendes, Page 29; 
World stock market reports. 
Page 59 


illy pud shares closed in Lon- 
don. 

"These arrangements, which 
will be put in place as soon as 
practicable, will last for at least 
one month, and not more than 
two months. Partly paid BP 
shares acquired by foe Issue de- 
partment will not be resold 
within the next six months, un- 
less foe price rises above 120p.“ 

Mr Lawson said these, ar- 
rangements allowed taxpayers 
to secure the foil proceeds of 
the BP sale, ensured that there 
are orderly after-m ar kets, and 
made quite sure that the sale 



Continned nfage 26 


MrSprinkeitostayon. 

Mr Sprinkel, 63, a Chicago 
school monetarist, was a prote- 
gee of Mr Donald Regan, the for- 
mer White House chief of staff. 

He entered the Reagan Ad- 
ministration in 1981, and early 
in 1985 became chairman ofthe 
Council of Economic Advisers. 

He was once seen as a possi- 
ble chairman ofthe Federal Re- 
serve, the US central bank. 

But the post went to Mr Alan 
Greenspan last August and a 
month later Mr Sprinkel an- 
nounced his intention to return 
to the private sector. 

As chairman of the Council of 


been to restore confidence 
morale, though be has also 
earned a reputation as foe Ad- 
ministration’s chief economic 
cheer leader. 

The White House steered re- 
porters away from foe impres- 
sion that Mr Sprinkel’a promo- 
tion would put him on a par 
with Mr James Baker, US Trea- 
sury Secretary, who chairs the 
Economic Policy Council. 

Mr Baker, along with Mr Ho- 
ward Baker, White House chief 
of staff and Mr James Miller, 
Budget _ director, are holding 
talks with Congressional lead- 
ers on Capitol Hill to reduce the 
Federal Budget deficit which 
amounted to 5148bn in the last 
fiscal year, ending last month. 

Mr Fitzwater said officials 
were "very encouraged" by the- 
progress made but the two sides 
were "several meetings" away 
from an agreement. 


despite weakness in Far East 


BY JANET BUSH M LONDON AND ROOEMCKORAN M LONDON 


WALL STREET yesterday pot 
in the healthiest and lent vola- 
tile performance since its his- 
toric. coRapse.on Monday- last 
week, despite weak Far Eastern 
equity .markets and a' Anther 
— in^the dollar: - 

rase of nervous optimism 
thatanick markets might start to 
regain some stability was fes- 
tered by signs of easier mone- 
tary policy in the leading indus- 
triarnattonB, a further round of 
co-ordinated central bank Inter- 
vention to support the dollar 
aad a fhray of reassuring state- 
ments from Group of Seven offi- 
cials: t 

For- foe first time In 

bond and equity markets m 
higher in'fendem, suggesting a 
moderation of foe distressed 


New York 

Dow Jones Indax 


October 1987 


Lbndon 

FT-SE 100 Index 



October 1987 


the advance in blue chip issues. . the Treasury would stand up to 
switching - out of shares into In London, the FT-SE 100 in- the intense p ressu re, not only 
qujdityfixed-interest securities dex closed 23.6j>oiiUs higher at from the underwriters from foe 


which so- draanati _ 

foe eoDqne'in confidence in 
sfaaremarfcets last week. 

The fBow Jones Industrial 


Average -dosed up 9L51 points 
third best gain ev- 


1682. Although ■ shares .had issue, but from the US and Ca- 
dro p pqd sharply in Tokyo, equi- nadian governments, and. carry 
ty traders rep o r te d ,hcal thy bar- on with foe issue had deepened 
gain-hunting for. both Japanese .foe vulnerability of foe Lon d on 
quoted m Lon- 


atLasasa^its 
erinpoints terras. 

US investors became confi- 


and US stocks 
don. 

There vu a feeling that the 
UK market would have moved 
substantially higher -had it not 


fop * buyers of equities as soon substantially higher had it not 
asfoar sawfoe relatively stable been fer the .uncertainty sur- 
both bond and stock rou nd in g .foe*- British Govern- 
maricete aespite the shakineu meat's iksue of shares in British 
of the dollar. The rally was Petroleum, due to start trading 
broadly.tri(ttd u secondary and today. : . ' 

over: -the-coim’ it «♦»"*« joined Uncertainty about whether 


market 
Yesterday, traders seemed re- 
signed to foe strong possibility 
that the share issue would go 
ahead. There was, however, 
some relief as rumours corre- 
lated the market that foe Bank 
of England, called in to arbi- 
trate between the Treasury and 
Continmed on Page 26 


CONTENTS’" 




Europe, 


Companies 
America 


Companiwt 
Overseas 


teMflin 

naaeeiaKIhtuns. 
G*1S. 


■CompaBles 
VoiMTndy 
KrKunl 




GEORGE BUSH 


gramme in 
Htn«gwnpnt; What 


European 
of fUnds ~ — 


pro- 

.•MH 4 


HITS BACK 


to 

21 


IN US 


BXECnON 


_ ... happened 

Karnes when copper bottomed out 

Editorial comment; Defence of Eu- 
rope;agenda forthe Lord Chancellor ^ 

Business law: The one-share one-vote 

SnSwersy 25 


DEBATE' 


Politics Today: The events of October 

1987 25 


Lex: Markets; 
flow - — — — - 


Id; Institutional 


cash 


femute 


. The Vice-President makes 
n dent in his 
‘wiinp* image, Page 6 


Technology: Stock Exchange d< 
Systems - from here to maturity 

Survey- Portugal — Section m 


31 


Guinness Flight 

Global Asset Management 




& In the face of these uncertainties, 
it may seem only prudent to look 


for ways of reducing the risks in 
investment portfolios, by 
increasing the proportion invested 
in bonds and liquid assets and 


reducing the equity content. ^ 


iT-mOd+vUtagT 


Oar socceufal afishon find group hu at its ewe the beat mge of bond, 
money and asreny hank vnUfe. The iolmdag Gummas FEabt Global 
Strategy Fond# are the tarcannema ttat yoa sbookl be tamedaiefy con- 
ajJetws: Gkkhal Fixed Intcreot; Steffire Fixed Inbtuuh; Managed 
Currency; Stating Monty. Them tore ill appneuted daring the period 
15-27 October in Steifeg. For a Copy of the pTOfpectUfi On the mole bast* of 
which an luwstiout may be made, please telephone David Pud on 
<0481} 712176 or completefbe coupon. 


Guinness Flight 

Fund Managess (Gueknsey) Looted 


PQ Bds WLa Vklr Tonr , St Pater Port, Gnanae y, Clante Mute 
TfWtore (WSl) 732176 a Tele* 4131284 CSFUNDG 


Name ........ 

5 Address 

f Country .....................Tel 


-IVi MncdHBts tw ben iheed W QSnBtw FUc GkW Amt 
I nwiiHiftiawhs—tkfc 


— I 




$ 


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FINANCIAL MARKETS IN T URMOIL 

Collapse resurrects harsh questions ,about supervision of the markets globally 


Financial Times Friday October 30 1987 


World’s regulators urged 
to improve co-operation 

A1 ^*AI®Efl WCOLL, EUROMARKETS EDITOR, 

2ts dinated intervention in the cur- market regulator, pointing to 

»ewta.peti,to Sul5.^gS in wUct “““ ^ 

co-ordination among supervi- 
sow of financial markets. 

In particular the crash has 


resurrected the questions - still 
unanswered - about how much 
capital backing is adequate For 
securities firms and about how 
securities traders should con- 
duct their business - whether, 
for example, market makers 
nave an over-riding obligation 
always to make prices. 


the dollar’s fail from further 
destabilising stock markets. 

Less obvious are increased 
daily discussions behind the 
scenes. Officials say the already 
close contacts between central 
banks have become more inten- 
sive in the past two weeks. 

One of the main purposes of 
this is to seek advice or reassur- 
ance on the health of a foreign 
parent or subsidiary of an insti- 
tution which falls under anoth- 
er country’s regulatory struc- 


h “ ature ° fthe h tsr country s regulatory suuc- 
Ef *■" ne ? d fo J to**' In the UK markets, for 
m ?. re closely example, there are many com- 


co-ord mated internationally. 

Regulators - and especially 
central banks - have clearly 
been working together since the 
beginning of last week to try to 
avert a severe damage to the 
world’s financial system. Most 


panles whose ultimate regula- 
tor is elsewhere - perhaps the 
US Federal Reserve, the Secu- 
rities and Exchange Commis- 
sion or the Bank of Japan. 

The reason For stepped-up 
^ - . . . ---- — — — co-operation has been made 

evident has been their willing- abundantly clear by the mar- 
ness to pump liquidity into kefs' movements. "Globalisation 
money markets, and their co-or- is here," says one securities 


Capital level rules face review 


Britain’s recently drafted capi- 
tal adequacy rules will be up 
for review after the stock mar- 
kets' sharp movements, Alex- 
ander Nicoll writes. 

Mr Andrew Large, chairman 
of the Securities Association - 
one of the bodies which has 
been drafting new rules - said 
yesterday: It is dear that 
some of the factors npon which 
capital adequacy formulae 
have been devised by TSA and 
other regulators are based on 


probabilities with respect to 
volatility which have now been 
shown to be questionable." 

He added, however, that it 
was still too early to tell 
whether standards of capital to 
cover securities Gnu’ risk po- 
sitions had in fact been suffi- 
cient. There was also a danger, 
he said, that the regulatory re- 
sponse in tightening capital 
requirements could be toe 
tough. 


dines have swept around the 
world from time zone to time 
zone. 

Mr Rodney Gal pin, an execu- 
tive director of the Bank of En- 
gland, put the problem more so- 
berly in a speech yesterday. 
"Globalisation of markets and 
business diversification by 
banks complicate the task of ob- 
taining an overview of the risks 
being run and of managements’ 

ability to control them." 

It is still for too early to say 
whether the efforts of recent 
days will avoid serious global fi- 
nancial problems. In many mar- 
kets - such as the UK -transac- 
tions conducted last week have 
not yet fallen due for settle- 
ment 

Many people in the markets 
believe that there could be 
many nasty surprises around 
the world m coming weeks as 
losses resulting from the huge 
price foils are disclosed. 

The fear is that big losses will 
be uncovered in one market for 
an institution which has a par- 
ent or subsidiaries operating in 
other markets in other coun- 
tries. This could cause a chain 
reaction with potentially severe 
effects around the world. 

This could happen in Hong 
Kong. International banks and 
stockbrokers were severely ex- 
posed to the potential conse- 
quences of the fiitnres markets’ 
problems, and the Government 
stepped in to orchestrate a 
HK$4bn rescue schema 



Surprise as US bonds market 
defies impact of falling dollar 

BY ANATDLE KALCT8KY W NEW YORK 

THE RECENT turmoil in the vestora should have been rush- the Treasury’s long bond had 


‘ British 
Andrew 

tween regulators. Central banks 
of industrialised countries are 
close to agreeing minimum 
joint capital adequacy require- 
ments for banks. 

Separately, the UK has signed 
bilateral memorandums of un- 
derstanding with the US and 
Japanese authorities. These 
aim to exchange Information to 
stamp out offences such as 
fraud and insider dealing. In 
the end, Britain hopes to have 
many other bilateral agree- 
ments which will form an inter- 
locking network. 

There are also regular infor- 
mal get-togethers, such as meet- 
ings of futures and options mar- 
kets regulators each year 


world’s financial markets seems 
to have left the US monetary au- 
thorities with more freedom of 
manoeuvre and made them Jess 
dependent on the goodwill of. 
Japanese Investment Institu- 
tions. 

This was the. unexpected mes- . 
sage of yesterday’s activity in 
the US bond and money mar- 
kets, as the Federal Reserve 
Board continued to intervene 
aggressively to cut short; term 
interest rates, blithely foywing 
the overnight collapse of the 
dollar in Japan and Europe. 

By all previous experience, 
yesterday should have been a 
disastrous day for the US bond 
market With the dollar plung- 
ing to a new port-war low 
against the yen, and Wednes- 
day’s unexpected announce- 
ment that the Treasury would 
go ahead with an auction of 30- 
year bonds next Thursday, in- 


lug for the exits. gained 44 of a point on Wednes- 

The Treasury's announce- day's overnight close, despite 
meat was especially surprising, the continuing fall in the dollar. 
Congress, in its last vote on the which , was setting new lows at 
Federal debt ceiling, had put a' Y138.30 and DM L735. 
limit of $3bn on the new . ftt _ mo & sequence 

issmssrssisssi .* ^ “*■ ™ sa ™ 

authority. It had been widely 
expected that the Treasury 
would use this limitation as an 
excuse to del 

long-term bonds until the mar- 
kets had calmed down. But the 
authorities made no' concession 
to the market's sensitivities, an- 
nouncing the issue of $4.75bn 
worth of new 30-year bonds. 

Despite this overhang of new 
securities, the bond market 
opened higher and moved up- 
wards throughout the morning, 
even though the efforts of cen- 
tral bankers around the world 
to boost the dollar showed few 
signs of success. By lunchtime 


! left everybody in the market 
tasking the same bearish ques- 
iTn.rar.nr. « „„ 'tiou: How on earth will the Jap- 
“1 anese be persuaded to bid For 
any orfering of ^ ^ considering the 

collapse of the dollar? 

-Today, however, the market’s 
tone seems entirely different. 
The Japanese will probably be 
“persuaded" to bid by their own 
authorities, who are desperate 
to keep a lid on the soaring yen. 
And even if the Japanese stay 
away, there are now plenty of 
domestic investors afraid of im- 
minent recession and looking 
for a safe haven in the fixed-in- 
terest market 


London Stock Exchange have 
boon urging heightened co-op- 
eration between securities mar- 
ket regulators along the lines of 
the Cooke Committee which 
brings together banking super- 
visors under the aegis of the 
Bank for International Settle- 
ments. 

This week Sir Kenneth Ber- 
lin, chairman of the Securities 
and I n ves tm ents Board, said the 
events of the part week meant 
that common standards of capi- 
tal adequacy for firms operat- 
ing in securities markets was a 
high priority. 

And Mr Andrew Large, chair- 
man of the Securities Associa- 
tion, which is to be the self-reg- 
ulatory body for UK securities 


Schwab loses $22m after 
single customer defaults 

BY JAMES BUCHAN M NEW YORK 

CHARLES SCHWAB, the lar- the company he founded back 
brokerage, from BankAmerica for $280m. 


Beyond the quiet talks of the 

last week lies a fast-developing _ . _ . 

network of co-operation be- _ The Bank of England and the 


during conferences at Buergen- markets, said recent events 
stock in Switzerland and Boca "must have an impact in favour 
Raton in Florida. of getting much more co-ordina- 


tion and 


onflow.” 


Use of tax losses key to securities firms’ survival 


THE ABILITY oT securities 
firms around the world to make 
the most tax-effective use of 
losses sustained over the past 
two weeks could determine 
their ability to survive, accord- 
ing to tax experts. 

US and British firms, in par- 
ticular, are in danger of suffer- 
ing unrelieved losses. 

"For medium-sized firms, that 
could make the difference be- 
tween them surviving and going 
under,” said Mr Roger Emmer- 
son, a tax expert with Coopers & 
Ly brand in London. 

Large banks which have 
bought into the securities busi- 
ness in recent years may also 
base their continuing involve- 
ment in the area on their ability 
to use losses tax-effectlvely, 
said Mr Derek Jenkins of De- 
loitte Haskins & Sells. 

For US securities firms, the 
main problem will be finding 
suitable profits against which to 
set the losses of recent days. 
Losses on securities can be off- 
set only against similar profits - 
not against general trading in- 


BY RICHARD WATERS 


come 

British firms, on the other 
hand, can carry losses forward 
or back against any form of in- 
come. But the securities subsid- 
iaries of British groups present 
a different problem: losses of 


claim that these provisions 
should be allowed against tax. 
If the Inalnd Revenue agrees, 
taxable profits for this year 
could be wiped out - leaving a 
loss that will have to be carried 
forward. 

Hie losses haven’t come at a 
good time, given the tax capaci- 
ty of banks at the moment," says 
one tax accountant “The losses 


one company in a group can be will have to go forward. There is 
used only to reduce the taxable no immediate tax relief” 


profits of the group as a whole 
in the year they are incurred. 
This group relief cannot be car-, 
ried forward or backward. 

Few firms are likely to have 
profits against which to set the 
new losses. The costs of enter- 
ing the new securities markets 
have already soaked up profits 
in many cases. "If s pretty well 
known that some securities 
firms already have some big tax 
losses being carried forward," 
says Mr Jenkins. 

The tax treatment of provi- 
sions against loans to develop- 
ing countries could also cause 
problems. In Britain, banks 


Tax experts are now sifting 
through ways for firms to re- 
shape their loGses on shares to 
make them more tax effective. 

One method for US firms may. 
be to create a capital gain, for 
instance by buying in the fixed 
interest securities market, to 
set against the capital loss. If 
the buying is financed with a 
loan, the interest costs will then 
be allowable. 

Bat this means of transform- 
ing a capital loss Into a revenue 
expense relies on the ability of 
firms to borrow heavily - and 
the credit rating of securities 
firms is at a low ebb at present. 


Tax experts also suggest that 
losses may be shifted between 
years, or between members of a 
group, by the use of swap ar- 
rangements. Provided the ar- 
rangements are at arms’ length, 
they will escape the tax net But 
these techniques are likely to 
draw the attention of Revenue 
authorities on both sides of the 
Atlantic, which in fature will no 
doubt be alert to any sharp 
iee involving securities 


tually needing to sell them. 

US practice differs. Only mar- 
ket-makers’ stock is treated this 
way. The result, says one tax ex- 
pert, could be that US parents 
will sell Btock to UK subsid- 
iaries to realise their losses. 


gest US discount 
yesterday revealed that it bad 
lost $22m or six month's earn- 
ings m the stock market crash 
largely because a single cus- 
tomer defaulted. 

Yesterday's announcement is 
a deep embarrassment to the 
firm, whose own stock was yes- 
terday trading at just a fraction 
of Us price when it went public 
in August It also raises farther 
questions about the financial 
health of the milli ons of US re- 
tail investors who were caught 
by the crash 10 days ago with 
stock bought on brokerage cred- 
it or "margin.” 

MT Charles Schwab, one of the 
best known figures In the in- 
vestment world through televi- 


The company said yesterday 
that it was the booking thfe loss 
after a single customer, who 
had been writing uncovered op- 
tions, failed tO meet marg in 

calls - demands from the firm 
that It provide e x tra collateral 
to replace the loss in stock val- 
ues. 

In a court-approved settle- 
ment, the customer, whom the 
firm would not identify, will 
provide 567m in cash and secur- 
Ites over time to meet his obli- 
gations to Schwab of 584m. The 
present value of the difference, 
along with reserves against an- 
other 513m in debts from other 
customers, is 522m. 

Schwab said that It had reas- 


S uirements for some customers, 
l addition, the firm had taken 


loss and Schwab will still ex- 
ceed all regulatory capital and 
.llqudity requirements." The 
company earned in the 

;six months from the end of Uon mechanism 
Similarly, institutions in the 'March, when Mr Schwab bought week. 

UK which are outside the mark- 
lng-to-marhet rule may be en- 
couraged to sell stock to crystal- 
Ise losses. 


Britain’ s big insurers 
ride out market storm 


In the last resort, the only op- 
tion for some firms may be to 
sell (rat, giving a larger saviour 
the use of its tax losses. 

Another problem for some 
firms will be realising their 
losses for tax purposes in the 
first place. In Britain, the 
shares held by market makers 
and brokers are regarded as 
stock in trade. They are 
"marked to market*- that is, the 
firms are deemed fay foe i"bn<t 
Revenue to make a taxable 
profit or a tax loss as the market 
in the shares moves, without ac- 


Royal Insurance 

Solvency Margins 
80 


Bed and breakfasting - the 
dee of selling shares one 
and buying them back the 
next, with the sole object of 
oystaliaing a loss - is one way of 
doing this. As with their loans to 
Third World countries, Imnim 
may also enter into arrange- 
ments to exchange securities 
with one another to realise 
their losses for tax purposes. 

But as one tax adviser said 
earlier this week: "The tax con- 
sequences are the last thing on 
their mind at the moment They 
want to make sure they still 
have a business first" 


Balladur calls for 
early G7 meeting 


WOUNDS inflicted by the last 

J llobal stock market crash - the 
ong "bear squeeze* of the mid- 
1970s - left deep scar tissue in 
the boardrooms of Britain's 
composite insurers. 

On one level, the last fort- 
night's turmoil has proved how- 
ever to be only a minor irrita- 
tion for the five biggest 
companies, in spile of their 
heavy involvement in equity 
markets - where they hold be- 
tween 25 and 45 per cent of 
their general insurance funds. 

For Commercial Union. Gen- 
eral Accident, Guardian Royal 
Exchange. Royal Insurance and 
Sun Alliance were probably 
stronger financially this sum- 
mer than they have been at any 
time since the late 1980s. It has 
been a far cry From 1974. Then, 
says Mr Tony Wyand. ClTs head 
of finance and investment: To 
many people in the City, it real- 
ly did seem like the end of the 
world." 

Nevertheless, the crash of *87 
has subtly changed some fea- 
tures of the international insur- 
ance landscape. 

For instance, the prospect of 
foreign takeover bids for com- 
posites, triggered by the pres- 
ence of Australian corporate 
raiders, looks to have receded. 
Mr John Spalvins, whose com- 
pany Adelaide Steamship de- 
clared a five per cent holding in 


Insurance companies 
are coping with the 
crash much better 
than in 1974, writes 

Nick Bunker 

■Royal Insurance last month, 
could now be sitting on a loss of 
£35mlo£40m. 

He is believed to have built 
up his stake at an average price 
of about 540p per share, but 
Royal is now trading at below 
400p- Adsteam’s own share 
price has slipped back heavily. 
There's a lot of singed flesh 
down under,” said a gleeful 
main board director from one of 
the other composites. 

Also, the equity market losses 
have taken a slug of capital out 
of the Industry. This could less- 
en competitive pressures, stav- 
ing off price wars between jion- 
life insurance companies in the 
US or the UK. 

For the time being, there 
seems little prospect of a re-run 
of Lhe events of December 1974, 
when over lunch at Prudential 
Assurance a group of insurance 
company investment managers 
agreed to begin buying equities 
in an effort to end the bear 
squeeze. 

For 1974 represented a lethal 


combination of adverse factors 
of which only one - an equity 
market collapse - is present 
now. The bear squeeze coin- 
cided with rising interest rates 
which savaged the value of the 
composites’ bond portfolios, 
plus a period of high inflation 
immediately preceding a sharp 
down-turn in 1975 in the pre-tax 
earnings of the US property/ca- 
sualty insurance industry, 
where CU, Royal and GA were 
heavily exposed. 

The combined impact was to 
erode rapidly the value of the 
composites’ financial assets, at 
a time when wage costs were 
pushing up their expenses and 
price inflation was driving np 
premiums but also the cost of 
paying claims. 

These factors helped force 
down the composites solvency 
margins - which measure their 
shareholders' funds as a per- 
centage of premium income. 
CU’s solvency margin hit bot- 
tom at about 24 , still 14 points 
clear of the then legal mini- 
mum, but low enough to help 
prompt it to a flB2m rights issue 
in September 1974. 

1987, by contrast, has sees 
some solvency margins at al- 
most record highs. Sun Alliance 
has been in the 90s, while GA 
has had a margin of more than 
100, and even a 20 per cent fall 
in equity markets still leaves all 



1987 1970 


1975 


1980 


1985 


BY IAN DAVDSON M PARIS 

MR EDOUARD ' BALLADUR, 
the French Finance Minister, 
yesterday called for an early 
meeting of the Group of Seven 
main Industrialised countries 
to discuss a four-point package 
•for co-ordinating a response to 
the underlying causes of the 
world financial crisis. 

He demanded Immediate cor- 
rective economic action in the 
three largest economies, tile 
US, West Germany and Japan. 
There must be a substantial re- 
duction in the US budget defi- 
cit, much more than the $23bn 
provided for under the existing 
Gramxn-Rndman Act, he said. 

In West Germany and Japan, 
interest rates were unreason- 
ably high and it was essential tor 
reduce them and stimulate de- 
mand, he added. 

This part of Mr Ballad arts 
prescription was echoed by 
President Mitterrand, who 
called an the US to respect the 
Louvre agreements ana to re- 
store its budget and trade to 
balance. 

“Get a hold of your economy," 


UK Composite I usurers- asset distribution of non-life funds, end-1986 


Fixed 


Company name. 

Interest 

stocks 

Equities 

Property 

Deposits 

Commercial Union 

62 

26 

6 

6 

General Accident 

46 

42 

7 

5 

Guardian Royal Exchange 

49 

31 

10 

10 

Royal Insurance 

65 

26 

5 

4 

Sun Alliance 

39 

37 

19 

5 


6 m 


! tatonmtaij. 


five composites with solvency the downswing now under way 


margins between 56 and 7ft 
For besides riding np on the 
long bull-market in equities, 
the composites have been bene- 
fltting in cash flow and earnings 
terms from a steep worldwide 
cyclical upturn in non-life in- 
surance premium rates that 
started In the US in mid -1984 
and should give Royal, the big- 
gest group, pre-tax profits of 
more than £400m this year. Even 


in some US premium rates is 
not expected to hit bottom line 
earnings until after 1988. 

This also helps explain why 
the composites have been rela- 
tively calm about the Impact of 
claims from this month’s hurri- 
cane in the UK - even though 
analysts are working on as- 
sumptions that It will cost Sun 
Alliance, the worst hit compa- 
ny, about £70m to £80m. 


Speaking to the Economic and 
Social Council, Mr Balladur 
continued to take a reasonably 
optimistic view of the prospects 
for the French economy. 

He saw no reason to assume 
that the stock market crisis 
would cause a significant slow- 
down in France: The recent de- 
cline in interest rates could be 
helpful for investment, he said. 

However, the collapse of the 
dollar in the foreign exchange 
ma rk ets yesterday put tne 
French franc under increasing 
pressure. 

The second element in the 
Balladur package was a propos- 
al for an e xte n si on and 
strengthening of *h« Louvre 
agroammtedrawn up in Febru- 
ary this year by the Group of 
Seven (the US, UK, France, 
West Germany, Italy, Japan and 

Canaiip) 

Mr Balladur argued that these 
agreements, which, with their 
detailed obligations on the 
manageme n t of national bud- 


Riddle over fate of Kuwait’s $90bn 'investment nest egg 

Tony Walker assesses the impact of the crash on lone of the world’s biggest investors 


KUWAIT'S best kept secret is 
the subject of much gossip these 
days in Kuwaiti banks and busi- 
ness houses. 

The question being asked is: 
What impact has the collapse of 
world stock markets had on Ku- 
wait's huge investments abroad, 
which in 1985-88 yielded more 
than its oil revenues? 

Kuwait does not publish de- 
tails of its foreign assets, so it 
has proved difficult to assess 
the extent to which the fall in 
international stock markets has 
damaged it However, it is wide- 
ly assumed that Kuwait's Re- 
serve Fund for Future Genera- 
tions. its main investment 
vehicle, includes at least a 25 


before the collapse of stock Kuwaiti officials deny reports, 
markets. that the supposedly inviolate 

Kuwait's other main invest- Reserve Fund has itself been 
ment fond is the State General raided to help finance a US58bn 
Reserve, which notionally stood bail out programme for local 
at about $35bn, though accord- banks. These officials say that 
ing to local estimates only about regulations requiring 10 per 
20 to 25 per cent of these funds cent of Kuwait's budget reve- 
are yielding commercial re- sues 


blue chips, in some cases, ford therefore to shed some in- 
stocks in these companies have vestment fat in the present cri- 
depreciated mare than the in- sis. 
dex. One Immediate effect of the 

Other Kuwaiti holdings tend stock market-crash will be to 
to be in government bonds and subdue for the time being the 
property. A sizeable proportion activities of the Kuwait Invest- 
or these investments are dollar meat Office in London, which 


Trtnrned to the market 
' In Europe, Kuwait's invest- 
or *»,„ w_j.. j.n r n „inii„.. tments range from a big sfaare- 
ftSiSZS?- folding to Dataller Benz of Ger- 

m banks in 
UK. Kuwait, for 
14_5 per cent 
[shareholder of the Royal Bank 
Dr Fahd Mnhnnmiwl jJ- (of Scotland. 

H a s hed, managing director of Kuwait’s investment income 



the stock market crash. 


turns. 

Kuwait was obliged to dip In- 
to its reserves to help bail out 
local banks on the verge of col- 
lapse after a stock market crisis 
in 1982 wiped $98 bn from the 
value of stocks in a few days of 
hectic trading, investors had 
borrowed heavily to finance the 
stock market boom, which 


ox Auwwkn uuufici re»v «i uurr] invenmezus are aouar nwui ubux in uuouvn, which Anthivl. , 

be lodged anna ally in Re- denominated, so the slide in the handles most of the emirate’s amSt inwrtti ^ J*® 12 nv ont ^ s _***_ 

interests abroad. 


per cent ratio of equities. Tbe 
fund, which cannot be touched 
until early next century, had an' reached dizzying heights before 
estimated value of about $55bn a spectacular collapse. 


serve Fund for Future Genera- 
tions are scrupulously obeyed. 

Financial analysts in Kuwait 
say that a 15 to 20 per cent slide 
in the nominal value of the Re- 
serve Fund would probably be a 
reasonable estimate of the im- 
pact of the turmoil in world cap- 
ital markets on the national Ku- 
waiti nest egg. 

Kuwait invested heavily in 
European and North American 


value of the US dollar will also 
have had an Impact on Kuwait's 
Reserve Fund. 

An aggressive investment 
strategy has produced in (he 
past several yean dramatic 
growth in the size of Kuwait's 
international portfolio. The val- 
ue of overseas holdings, accord- 
ing to one estimate, swelled by 
more than 40 per cent in the 
past three years. Kuwait can af- 


pear totalled KD2.49bn <5&7bn). 


inventive and aggressive trader, 
buying and selling in an over- 
heated market The sheer 
weight of fands at its disposal 
has made It a heavyweight play- 
er in international investment 
markets. 

A symptom of official concern 
about the rumours circulating 
among Kuwaitis over the extent 


ly, told KUNA, the Kuwaiti 

The KJO has been an active, P. ews .agency, last week th at [Figures are not yet available for 
“SIT since the ronntiy’s mvertmente financial year 1986-87, but pro- 
Iwere long term, abrupt flnetua- fceeds from Kuwait’s iuterna- 
Itions in the market were of less [tjonal holdings will again be 
(concern. 'substantial. 

; Dr al-Rashed said invest- • The picture for the coming 
’meats were "diversified and (year will not be so buoyant Ku- 
balanced/ The margin of risk waitis, who are being forced to 
bad been reduced. But he did live with the Gulf war raging on 
observe that it would be quite ffheir doorstep, are learning to 
some tim* before confidence (come to terms with bad news. 



Omrles Schwab: deep 
embarrassment 


sion and newspaper advertis- sessed its credit and margin ru- 
ing; said yesterday: "The * 
company can easily absorb this 


loss of some $3m by 
_ onto itself the execution 
of orders for Its customers at 
points when the normal execu- 
Cailed last 


were designed to help rta- 
the international curren- 
cy system, should be extended 
to cover all aspects of economic, 
financial and monetary policy, 
as well as the management of 
interest rates. 

Thirdly, he called for a per- 
manent co-ordination of deci- 
sions fay market authorities and 
file harmonisation of regula- 
tions governing financial mar- 
kets In the Group of Seven conn- 
tries. 

Finally, he proposed the es- 
tablishment of a permanent sec- 
retariat to supervise the imple- 
mentation of the extended 
Louvre agreements. 

Mr Balladur did not refer ex- 
plicitly to the controversial re- 
marks of Mr Jacques Delors, 
President of the EC Commis- 
sion, who had asserted on 
Wednesday that the US was 
ready to let the dollar fall to 
DML60. But he did say that a 
substantial farther fall of the 
dollar would be counter-pro- 
ductive. 

The franc, which until this 
week had been the strongest 
currency in the European Mon- 
etary System, suffered more 
than other European currencies 
from the shift of capital into the 
D-Mark. 

At yesterday's fixing, the D- 
Mark stood at FFriL3725, np 
over 2 centimes to its highest re- 
corded level. Tbe franc slipped 
against most other European 
currencies except the Italian li- 
ra. 

Dealers said the French mon- 
etary authorities appeared to 
have shifted tactics and to have 
stopped defending the franc at 
its central rate against the D- 
Mark within the EMS of 
FFr3.35388. 

They said that a position with- 
in the EMS pack, rather than 
out in front as the exchange rate 
mechanism’s strongest curren- 
cy, would probably be easier to 
sustain In this week’s more tur- 
bulent markets. 

Some dealers also viewed the 
move to let the franc slip below 
its central rate as a warning sig- 
nal to the West German Bundes- 
bank. 


Both Schwab and Fidelity In- 
vestments, the second largest 
discount broker, said that mar- 
gin calls were running at much 
higher than normal rates but 
most customers were meeting 
them. "We have very few prob- 
lems, ” said Mr Jack Dwyer of 
.Fidelity. 

Japanese 
confirm 
support 
for dollar 

By Stefan Wagstyfin Tokyo 

MR KllCHI MIYAZAWA, the 
Japanese Finance Minister, yes- 
terday moved swiftly to deny re- 
ports that the US was prepared 
to see the dollar falL 
At a hastily-summoned press, 
conference, he dismissed a re- 
port that a Japanese Ministry of 
Finance official had said earli- 
er in the day that Washington 
was willing to accept a gradual 
weakening In the dollar. 

Meanwhile, Mr Yasuhiri Na- 
kasone, the outgoing Prime Min- 
ister, said the Group of Seven 
nations should meet at an ap- 
propriate time to discuss fur- 
ther policy coordination after 
the US Administration and the 
Congress had agreed on how to 
reduce the US budget deficit 
Mr Miyazawa said that lead- 
ing industrialised countries re- 
mained committed to the Lou- 
vre Accord to maintain stable 
exchange rates. Simultaneous- 
ly, his officials revealed that 
leading central banks had spent 
glbn supporting the US curren- 
cy on Wednesday. 

Mr Miyazawa said the mone- 
tary authorities would continue 
to intervene "with strong deter- 
mination in the currency mar- 
kets.” Traders In Tokyo said 
central banks intervened "mas- 
sively” yesterday, with the Bank 
of Japan buying an estimated 
$200m to 5300m. 

Mr Miyazawa said the finan- 
cial markets would be stabi- 
lised when the US announced 
measures to deal with its bud- 
get deficit Before that hap- 
pened, central banks could not 
in rt stand around and wait 
They would intervene. 

However, in the currency 
market the dollar continued its 
decline - opening at Y 138.60 and 
closing at Y137.55, a six-month 
low. Traders said investors 
clearly believed that - despite 
Mr Miyazawa 's remarks - cen- 
tral banks were indeed ready to 
see the dollar fall and were in- 
tervening merely to slow that 
decline. 

The fall in the dollar hit confi- 
dence in the Tokyo stock market 
and the Nikkei index of leading 
stocks fell 543.04 to closest 
22,033.89. But the yen's upswing 
pushed bond prices higher in 
hectic trading 


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financial Times Friday October 30 1987 


EUROPEAN NEWS 



BY lANpAVDSOHM PAWS ' 

FOR ABOUT 10 years, French 
industry has been losing ground 
in its share of world markets, 
and has prompted . an anxious 
national debate over the ques- 
tion of the comp etitiveness of 
French industry. A new study 
published by the National Sta- 
tistical^ Office On see) suggests 
that Urn problem ' of French 
competitiveness is not essen- 
tially one of price,, but rather of 
product specialisation. 

Between 1079 >nd 1985, 
France’s share of world produc- 
tion fell back from SB per cent 
to <L9 per cent, and this decline 
in world market share has 
slightly accelerated during the 
latter, part of this period. 

Meanwhile, import penetra- 
tion -of the- French market has 



in wrong areas 


risen steeply, from 28 per cent 
in 1974 to 40 per cent in 1985. 

France Tibs lost market share 
in pharmaceuticals, can and 
tyres, and even more in textiles 
and.clothing, leather goods and 
electronics. By contrast, it has 
gained market share in steed 
products and in mechanical en- 
gineering. 

The Ensee study downplays 
the significance of overall price’ 
competitiveness, because over a 
ten-year period, the ratio be-„ 
tween import prices and export ' 
prices has on average been vir- 
tually stable. Thus between 
1980 and 1984, the franc depre- 
ciated by more than 20 per ceqt 
compared with the D-mark, hut 
the import-export price ratio in 


trade with W Germany barely 
moved 1 percent 
The explanation for the de- 
i'dine in France's world market 
dure, according to the study, is 
that in a number of sectors 
French industry specialised in 
''the wrong products or, more 
particularly, in the wrong 
price-quality bracket On the 
whole, French industry has 
tended to specialise at the top 
end of the price bracket 
, In the clothing sector, French 
specialisation at the top of the 
price range has become in- 
.creasingly marked, with a grow- 
ing gap between import amd ex- ' 
port prices. But because the 
market trend has been towards 
low and medium price goods. 


French industry has lost 
ground. 

In women's clothing.' for ex- 
ample, the French export-im- 
port ratio fell over the ten-year 
period from 400 to 140 per cent, 
amd that for shoes and fine 
leather goods from 200 to 50 per 
cent . 

The car industry has lost mar- 
ket share at home, failing from 
80 to 64 per cent, while its ex- 
port-import ratio has fallen 
from 330 to 130 per cent, its 
share of German imports has 
fallen' from 10.6 per cent in 1978 
to 7.5 per cent In 1983. 

By. contrast, France has 
gained market share in steel 
products, in industrial boilers, 
in motors and compressors. 


Chiefs turn focus to marketing 


BY WCHAEL SKAMNKER M FONTAINBLEAU 


’SENIOR European executives 
are paying increasing attention 
to matters they would previous- 
ly have left to their marketing 
departments, according- to a 
study -published . yesterday by 
Insead, the European business 
school at Fontainbleau. . 

The study, which was present- 
ed to an Insead conference on 
strategic marketing in the 1990s, 
found that senior European ex- 
ecutives believed that three is- 
sues would be of particular im- 
portance in the next decade. 
They were the increasing .em- 
phasis on the quality of both 
products and services, the need 
to assess changing customer 
characteristics; and the impor- 
tance of creating a marketing 
culture throughout the corpora- 
tion! 

The study fonnd that these is- 
sues were seen as more import 
tant than matters usually re- 
garded as the preserve of top 
management , such as the devel- 
opment of international market- 
ing strategies. 

The study was based on inter- 


views with chief executives, 
board members and other se- 
nior managers in 128 leading 
European companies. The ne 
search for the study was con- 
ducted by Tnwirf fa collabora- 
tion , with . . six . leading 
management consulting firms, 
including Arthur Andersen. 
Price Waterhouse and Rowland 
Berger. 

The executives said that the 
creation of marketing strategies 
to take account of the Increas- 
ing integration of Europe was a 
relatively unimportant issue. 
They said that coping with 
shorter product lifecycles was 
also low on their.list of priori- 
ties tor the 1990s. 

The authors of the study point 
out that both these issues have 
received considerable press 
coverage in recent years. They 
say the feet that they are widely 
perceived by senior executives 
as being less important "may be 
due . to their belief that they 
have already been satisfactorily 
addressed, or are dealt with at 
lower levels in the .organisa- 
tion." 


Of the issues regarded as be- 
ing most important, executives 
in the industrial goods and in 
the services sectors placed the 
quality of products and services 
at the top of their list They said 
-that customers are increas i ngly 
seeking a complete package of 
product and services. This 
meant that companies would 
have to pay greater attention to 
aftersales service. 

Executives in the consumer 
goods sector rated product and 
service quality as their second 
most important issue for the 
1990s. They said their biggest 
concern was to assess the 
chang in g characteristics of 
their customers. They said that 
customers were becoming more 
sophisticated and demanding 
and companies would have to 
be flexible enough to meet their 
shifting needs. 

Kev Strategic Marketing Issues 
frrr the lS90s, Jean-Claude Lar- 
reche. lsuead. Boulevard de 
Constance, F - 77305 Fontainbleau 
Cedes, France, price available 
from Insead. 


Italy planning laws to control strikes 

BY ALAN FRIEDMAN IN ROME 

THE Italian Government yester- 
day began planning legislation 
which could lead to controls on 
the right to strike: 

With the nation's air, train 
and urban bus traffic virtually 
paralysed by the fifth day of 
wildcat strike actions, . Prime 
Minister Giovanni Goria yester- 
day sought to project a. deter- 
mined image by convening 
nearly his entire cabinet to dis- 
cuss the matter; ^ A*, • 


The three-hour meeting was 
taken up with discussions on 
legislative proposals, with a 
consenus emerging on the need 
forparliamentaiy action soon. 

The issue will be raised again 
today at a cabinet meeting. 
Meanwhile, the Republican 
Party *«■* already demanded 
that the Government find a way 
of guaranteeing public services 
in the absence of appropriate 


The Goria initiative for strike 
legislation emerged two weeks 
ago »wd fa a popular political is- 
sue because of public exaspera- 
tion over the recent wave of 
public sector stoppages. This 
week has seen wildcat strike ac- 
tions by "autonomous unions" 
.* isqt Sunday, Rome’s 

Fiirmicinb airport has been al- 
most paralysed by alternating 
strikes hr technicians, clerical 


Red faces 
over French 
arrest 

By Paul Batts in Paris 

PRESIDENT Francois Mitter- 
rand looks likely to be personal- 
ly embarrassed by the decision 
-yesterday of a Paris magistrate 
to charge formally Mr Christian 
Proa tea u, one of the President's 
key security advisers and the 
former head of the National 
Gendarmerie Intervention 
Group, the country's elite para- 
military police squad. 

Mr Prouteau has been 
charged with allegedly bribing 
and tampering with witnesses 
-in connection with the arrest 
live years ago of three suspect- 
ed Irish terrorists in the Paris 
suburb of Vincennes. 

The affhir at the time was 
bailed by the Elysee Palace as 
•an important breakthrough in 
the fight against international 
terrorism. But it soon turned in- 
to an embarrassing fiasco when 
the charges against the three 
(Irish citizens were dropped and 
the elite police squad was ac- 
cused of committing irregulari- 
ties and planting incriminating 
evidence in the flat of the Irian 
■suspects. 

• General Maurice Schmitt, 
chief of staff of the French ar- 
my, has been promoted chief of 
staff of the armed forces, in suc- 
cession to General Jean Saul- 
nier. who is retiring, writes Ian 
Davidson. 

Although General Saulnier 
has reached the normal retiring 
age, the timing of his replace- 
ment represents a concession 
by President Mitterrand, who 
would have preferred him to 
stay on unto the presidential 
elections next spring. . 


W German 

interest 

rates 

fall sharply 

By Andrew Ffehar in Frankfurt . 

WEST GERMAN short-term 
interest rates fell sharply yes- 
terday, as the Bundesbank 
pumped mare liquidity into 
the money markets in an at- 
tempt to bring calm and heal 
the rift with the US over mone- 
tary policy. 

The German central bank 
again used the method of cur- 
rency swaps, achieving a de- 
cline in Mil money rates to be- 
tween U and IS per cent 
compared with around 4 per 
.cent the previous day. 

This was the second day run- 
ning fl»at the Bundesbank had 
made the swaps available to 
the commercial banks. But 
yesterday’s volume was large 
enough to give a clear signal 
that It Is now prepared to act 
more forcefully to keep rates 
down, as desired by US and 
other policy-makers. 

The Bundesbank's move co- 
incided with a strong call for a 
clearer downward trend in 
German Interest rates from Mr 
Alfred Herrhausen, co-chair- 
man of Deutsche Bank. 

Be also called on the Federal 
Government in Bonn to do 
away with the Stock exchange 
turnover tax and bring forward 
plmard rats in personal and 
corporate tax rates as West 
Germany's contribution to re- 
newed worldwide economic 

•i«fl S— Mil 

The Government should ei- 
ther advance the tax cuts 
planned for 1999 to 1989, or add 
further to the tax redactions 
which are to be brought in 
next year, Mr Rerrhaus* 


Banker held in 
Yugoslav case 


A LEADING h— faw has been 
detained and an ofl eampaay is 
suing foe state in continuing 
reaction to Yagoslavia's big- 
gest financial scandal, the Bel- 
grade newspaper Politika 
Ekapras said yesterday, Reuter 
reports from Belgrade. 

Mr Jure Pelivan, 59, former 
governor of the National Bank 
of Yugoslavia's central repub- 
lic of Bosnia-Hercegovina, was 
detained on Wednesday with 
two other local bankers for In- 
volvement In the "Agrotamerc 
Affair." 

The three are being held 
pending Investigation. Last 
math Vice-President Hamdl- 
Ja Poaderoc resigned and B 

i jailed. .... . . 


Deadlock stalls EC 
food radiation talks 


BY WILLIAM DAWKWS IN BRUSSELS 


THE EUROPEAN Community yes- 
today temporarily abandoned at- 
tempts to get agreement between 
twpttiW states on permanent safe- 
ly rules for radiation m food after 
nuclear accidents. 

A meeting of EC ambassadors 
was instead last night trying to 
agree a temporary compromise to 

take the pLaoe of safety standards 
due to expire on October 31. If they 
fail, several member states have 
to set their own stan- 


L fy* night's compromise, pro- 
posed by the Danish Presidency of 

finunwl <rf MiBifjpw , wauM still 

allow national authorities to set 
their own food radiation st a ndar ds, 
but they would have to be no stric- 
ter than the current EC levels, im- 
posed in the wake at the Chernobyl 

ntiflpjrr rf km to f 

Ambassadors remained so deeply 
divided over European Cornmission 
proposals to introduce less strin- 
gent radiation limits for the long 
term that they abandoned earlier 
pinrxg to ra ft e meeting of for eig n 
ministers. 

A majority of member states ap- 
peared ready to support Denmark’s 
temporary scheme, which would 
have set no specific deadline for 
agreement on permanent limits. 


France, Britain and Spain slowed 
signs of shifting their toogh opposi- 
tion to continuing the present re- 
strictive limits, but wanted some 
prospect of progress on setting 
standar ds for the long form 

Despite their apparent readiness 
to be flexible, officials said the Dan- 
ish presidency seemed unwilling to 
push herd for a permanent deaL 
Denmark, supported by West Ger- 
many and the Netherlands, wants 
much stricter radiation levels than 
the Commission 

Legally speaking, member states 

could notin any case agree on radi- 
ation levels yesterday, because the 
European I^hament had previous- 
ly delayed giving its opinion on the 
scheme, a prerequisite for adoption 
by member states. 

Under the Commission's propos- 
al, radiation would be limited to 
1,000 becqoerels per kilogram in 
dairy products and 1,250 bq/kg in 
food for three months after a nu- 
clear accident, following which it 
would set new levels in the light of 
the s erio u sness of the disaster. 

A panel of EC scientists, support- 
ed by London, Paris and Madrid 
think the figures «h«iM be four 
times higher, but the Commission 
scaled them down to try to get 
agreement. 


Radical 
Moscow 
chief offers 
resignation 

By Patrick Cockbum to Moscow 

MR BORIS Yeltsin, one of the most 
radical of the Soviet leadership and 
head of the Moscow Communist 
Party, last week told the 300 mem- 
ber party central committee that he 
wanted to resign his post in frustra- 
tion at the difficulty in introducing 
reform, diplomats in Moscow said 
yesterday. 

It is unclear whether Mr Yeltsin's 
resignation will be accepted but his 
departure would be a blow to Mr 
Mikhail Gorbachev’s plans for re- 
form, particularly if he is replaced 
by a more conservative figure as 
bead of the Moscow Party. 

Mr Yeltsin, a non-voting member 
of the Politburo, is said to have 
c om e under attack from Mr Yegor 
Ligachev, Mr Gorbachev’s number 
two in the Politburo, and Mr Viktor 
Sehebrikow, head of the KGB se- 
curity police. 

Despite a reputation for radical- 
ism, Mr Yeltsin has bees slow to 
improve conditions in the Soviet 
capital, which has a population of 
8.7m. Food supplies are little better 
and be has been criticised as a poor 
administrator. 


Lisbon invites bid for shipyard 


BY DIANA SMITH IN LISBON 

THE Portuguese government has 
invited international bids from 
shipyards for concession, manage- 
ment or joint venture op era tion of 
Setenave, the Setubatbased premi- 
er shipyard built principally to pro- 
duce supertankers, and giant bulk 
carriers in the early 1970’s and 
plunged into chronic losses with the 
world ml crisis. 

Tte yard employs 4,200 people. In 

recent years, thanks to a pickup in 
worshipping, ft has been scraping 
by an repairs but has not built a 
vessel since 1975 when its owner, 
f>tmpnnhin UniaO Fafaril (CUF), 
Portugal's largest industrial holding 

gn >i ip was nwHftnuTigprf 

The Cavaco SUva government, 
believes that Setenave is basically a 
well-designed and equipped yard. 


which is well located on maj co- 
routes and hopes a leading interna- 
tional shipyard will want to take 
over the enterprise as concessio- 
naire or under a long-term manage- 
ment contract or as a joint venture 
— whi ch ever the successful bidder 
finds most convenient 

Setenave, the authorities believe, 
has good potential and can become 
highly competitive if new shipbuild- 
ing mid management know-how is 
introduced. 

The government is not seeking 
an outright buyer nor concessio- 
naires interested only in the repair 
side of the business. 

The ideal candidate would run a 
judicious between repair 

and construction and take on as 


many of the 4^00 employees as pos- 
sible, avoiding further unemploy- 
ment in the chronically-depressed 
Setubai area. 

The authorities have approached 
toMftng European and Asian yards 
- and Burmeister of Den- 

mark. Salzgitter, Thyssen and 
Nuschmekr of West Germany, Hy- 
undai of South Korea and Kawasa- 
ki, M«tniiififri t Mitsui and wwaciii 
of Japan. 

Portugual will shoulder Sete- 
nave's debt of about S80m and any 
other outstanding financial obliga- 
tions incurred during the time it 
has been nationalised. The new 
concession or management compa- 
ny would be a separate entity, start- 
ing with a clean financial slate. 


12 I RI K issues 


when you first subscribe to the F.T. 

0 Frankfurt (069) 7598-101 



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EUROPEAN NEWS 


Financial Times Friday October 30 1 987 


Peter Marsh meets the persuasive head of the European Space Agency in his search for more funding 

European space supremo gets to grips with politics 


22JLH* not goin * to get a fast 
from spending money on 
space science and technology 
£?*** otherwise is to misreJS- 

feSS 10 Public.' 

50 says Professor Reixnar Lu- 
***■ director general of the Eu- 
Space Agency, who next 
month will formally present the 

t ag c ncy ' 8 13 member 
governments for a significant 
^crease in spending. 

tJntlTn. Luest ’ s advice is ac- 
£5^: ^annual budget of the 
SSSfifS? ?«ency will rise 
this year to about 

Sok by 1S £ 3- Much of the extra 
cash would pay for three big 
new programmes - a more pow- 
erful version of Western Eu- 
rope s Ariane satellite launch- 
er, the Columbus space 
laboratory and a small manned 
space vehicle called Hermes - 
which together are due to cost 
about $13bn by the end of the 
1090s. 

The plans have been labelled 
as overam bilious by Mr Ken- 
neth Clarke. Britain’s trade and 
industry minister. Calling ESA 
a hugely expensive club,’ Mr 
Clarke has served notice that 
the UK will not raise its contri- 
bution to the agency when min- 
isters from the 13 member coun- 
tries meet in The Hague on 
November 9 and 10 . 

Prof Luest, a quietly spoken 
yet forceful German scientist, 
who has been at the helm of 
R5A since 1984, says he still 
hopes Britain, which currently 
contributes some 10 per cent of 
the agency’s budget, will relent 
The UK is ESA's fourth biggest 


paymaster, after France, West 
Germany and Italy - which be- 
tween them account for just 
over half total spending. 

The agency's budget la spent 
largely in European industry 
though it also runs two big re- 
search and technology centres 
in the Netherlands and West 
Germany. Total agency staff run 
to 1.600 of whom - curiously, in 
view of the acid comments 
about ESA from foe UK Govern- 
ment - Britain provides foe lar- 
gest single group. 

The European space supre- 
mo, a young 64. whose wife is 
deputy editor of Die Zeit, a 
leading German newspaper, is 
convinced of the need for West- 
ern Europe to develop its own 
autonomous space capability, 
separate from the US and 
USSR. 

This is bound to cost more 
money, he says. ’Every member 
Is concerned about increases in 
foods. I know it (foe demands 
for more cash at The Hague) 
will cause some countries diffi- 
culties.’ 

Nonetheless, the professor 
believes the long-term gains 
will be worthwhile and points 
out that, if his plans are accept- 
ed next month. Western Eu- 
rope’s space investment will 
still greatly lag behind that in 
foe US, where government 
space spending per person is 
more than 10 times the level in 
Europe. 

Prof Luest, who before his 
ESA appointment for 12 years [ 
ran the Max Planck Society, a [ 
prestigons German scientific i 


OFFICIALS from 13 countries 
hi the Eur o pean Space Agency 
meet in Paris tomorrow in a 
last-ditch bid to finalise the 
agenda far the agency’s minis- 
terial conference in The Ha- 
gue in Just awe than a week’s 
time, writes Peter Marsh. 

Some member countries 
have suggested that the pro- 
gramme to be debated in The 
Hague is evenunbitious and 
toe expensive, although the on- 
ly evert criticisms so far have 
come from Britain. 

While France, the agency's 
biggest paymaster. Is firmly 
committed to a large-scale ex- 
pansion of European space ac- 
tivities, West Germany, the 
second biggest contributor to 
the agency’s budget, has still 
to decide how much money ft 


will commit at The Hague. 

West German ministers are 
meeting next Wednesday to de- 
cide on this Issue while many 
ether countries are also delay- 
ing their decisions until next 
week. Said one Wed German 
official: *We will be in limbo 
right until the last moment* 

An expected outcome from 
tomorrow’s meeting will be the 
shape of the programme liar 
The Hague, In particular the 
'strength with which agency of- 
ficials want to press for sup- 
port for foe French-Inspired 
Heroes space plane. 

One possibility is that a deri- 
sion m Hemes could be de- 
layed, perhaps until 1990, if 
enough countries feel the pro- 
gramme Is too costly. 


prof Luest says: *i don’t see why rope the chance to pot -people 

— J ~ "* ’ ” * ' into space, something; which 

now can be done only by foe two 

sjwcesuperpowers... . 

While automatic satellites 
and robot devices will be able 
to do many, of the jobs required 
in space after the year 2000, to 
maintain and repair large space 
stations for instance; men. and 
women will be vital for the 
more complex tasks. ’On Earth, 

even In the mines or in the Ant- 
arctic, it la accepted that you 
cannot do without people,’ says 
Prof Luest 

Prof Luest says he tries to 
take an objective view of some 
of the claims made for space 
science and technology. ’Scien- 
tists are human beings; they are 

convinced that their particular 
science is Important for thereat 
of the world.’ 


group with 55 institutes and an 
annual budget of 9500m, scorns 
the British idea that private 
companies, rather than govern- 
ments, should take up the bur- 
den of fa nding space science 
and technology. 

He says that venturing into 
the heavens is bound np largely 
with studies in pore science 
and in research disciplines like 
telecommunications and Earth 
observation. These are areas 
which, in continental Europe, it 
is usual for society as a whole 
rather than commercial enter- 
prises to finance. There may be 
corners or aspects where we ob- 
tain private cash but as whole it 


(fonding space technology} is 
for governments.' 

Prof Luest says commercial 
spin-ofEs from space are rela- 
tively few so (hr, with foe obvi- 
ous examples being launchers - 
in which area the existing ver- 
sions of Ariane, which ESA de- 
veloped, are now marketed by 
Arianespace. a commercial con- 
sortium - and in telecommuni- 
cations satellites. 

At the same time, however, 
technologies from space are be- 
ing applied in other industries 
lib* electronics and materials. 
Noting that in other countries 
these technologies obtain sig- 
nificant government support. 


we in Europe should leavd 
these areas to the US and Ja- 
pan.’ 

He dismisses foe thought that 
companies might be willing to 
put cash behind either Colum- 
bus, which Is due to fit into a 
US-led international manned 
space station In foe mid 1990s, 
or Hemes, 

Comparisons with the Chan- 
nel Tunnel, like the space proj- 
ects a transportation pro- 
gramme but, unlike Columbus 
and Hermes, one in which pri- 
vate Industry is being invited to 
invest foods, are misleading. 
The railway scheme will be gen- 
erating traffic and income im- 
mediately says Prof latest, 
which is not the case for foe 
space schemes. 

industry talks normally about 
time horizons (in research and 
development) of six or seven 
years while in space technology 
the returns may be 30 years off 
Take the first satellites; no one 
had any idea what they would 
be used for.’ 

Prof Luest dwells on the im- 
portance to foe agency of Her- 
mes, strongly backed by France 
(which aims to pay 45 per cent 
of the estimated $5bn cost) yet 
which Britain, backed to some 
extent by Vest Germany, wants 
to postpone. 

He says the project for the 
first time will give Western Eu- 


Coming from a scientific 
background - foe professor 
worked originally in theoretical 
physics and mathematics and 
became interested In space on- 
ly in 1908- Europe’s space head 
has picked up a knowledge of 
industry through serving on foe 
supervisory boards of Hoecfast 
ami Kraftwerfc Union, two big 
German companies. 

He says he has found the po- 
litical nature of his job at ESA a 
great challenge. 'You have to 
get people to see your point of 
view and try to accept theirs. 
When you have a success it's re- 
warding but at other times it 
can be fru s tratin g.’ 


. However, the OECD says that 
foe improvement in foe US re- 
mains fragile Although US 
steel consumption has so for 
been higher than -last year, de- 
mand in the car sector has been 
gradually declining and has re- 
mained weak in foe construc- 
,tion industry. 

The OECD thus warns that the 
recovery In US steel demand 
risks being short-lived. US 
crude steel production has in- 
creased fay 2 per cent during the 
-{gixst nine months, partly as a re- 
sult of a I -per cent decline in 
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Western steel 



still ’uncertain’ 


BYPAUL BETTS IN PAMS . 

THE outlook for the Western 
steel industry continues to re- 
raain uncertain despite some 
recov er y in. demand in a num- 
ber of indumxialisedcouxxtries, 
foe Organisation lor Economic 
Go-operation and Development 
(OECD) says in its latest steel 
market report 

Steel prodnetion in foe OECD 
as a whole also declined by 0.7 
per .cent during the first nine 
months of this year compared; 
with foe year before period, al- 
though there- has been an ma- 
in the US and Cana- 


- Zn ( frpad ffl, demand has been 
Ihi ghnr thaw last year but foe 
;OECD s«ys that rising interest 
orates could dampen fature 
■growth prospects. Canadian 
■steel production for its pa rt 
rose by 5 per cent in foe first 
three-quarters. 

- The OECD expects steel de- 
mand to continue to improve in 
Japan this year. As a result of 
the appreciation of foe yen, Ja- 
pan’s net exports of steel have 
also declined significantly. Ex- 

. "ports have declined by 13 per 
'cent while imports during the 
'first half of this year were 33 
per cent higher than in the 
. same period last year, reaching 
a penetration of 7 per cent of 
the Japanese market 
. Steel demand in the Europe- 
an Community has shown a 
modest recovery largely be- 
cause of a substantially higher 
level of activity in the car and 
electrical engineering sectors. 
.However, the OECD expects de- 
mand to stabilise in foe EC with 
consumption for the whole of 
the year being at best at the 
same level as last year. EC steel 
output in the first nine months 
declined by 1 per cent while 
steel employment Is expected to 
foil this year at annual rate of 
about 7 per cent. 


lata to seek delay on 
EC jet noise rules 

BY MCttoEL DOIBE, AEROSPACE correspondent 


THE International Air Trans- 
port Association is to -plead 
with BC governments for a two- 
year postponement of tougher 
jet noise rules, due to beoome 
effective on January L 
■ A resolution to seek a post- 
ponement was passed fay lata at 
[its annual meeting in Caracas 
[earlier this week. 

U Ttae rules are part of a series 
’anti-noise regulations agreed 
some time ago by member states 
of the International Civil Avia- 
tion Organisation and subse- 
quently adopted and progres- 
sively implemented fay EC 
members, including the UK. 

The effect so for has been to 
reduce substantially foe 
Amount of flying into and out of 
EC countries’ airports fay foe 
older and noisier jet airliners, 
-especially Boeing 707s and 
Douglas DC-fis, unless they have 
been 'hush-kitted.* 

, All such aircraft on the UK 


register have been banned, un- 
less fitted with noise suppres- 
sion equipment. 

The latest stage in imple- 
menting the rules would effec- 
tively prevent all remaining 
non-hush-kitted 707s and DC-Ss 
owned by non-EC airlines from 
rom flying into member coun- 
tries. 

But many smaller airlines in 
foe developing world, especial- 
ly in Africa, have complained 
that they cannot afford to buy 
modern, quieter jets and that 
they have also found it difficult 
to pay for the hush-kitting re- 
quired by the extension of the 
noise rules. 

Some of these airlines have 
brought pressure on lata to seek 
the two-year delay. 

It will now be the task of Mr 
Gunter Eser, the lata director 
general, and his team to discuss 
the proposed deferment with 
EC governments to see if it can 
be achieved. 


Austrian Socialists reject 
call for Waldheim to quit 


BY JUDY DEUPSEY M VIENNA 

AUSTRIA’S Socialist Party yes- 
terday rejected a resolution 
calling for foe resignation of Dr 
Kurt Waldheim, foe Austrian 
president, who is accused of be- 
ing involved in Nazi war crimes 
during the Second World War. 
i The KsotntioD, which was de- 
bated on the last day of the par- 
ty's congress, was defeated by 
198 votes to 10L 

! The congress was dominated 
[by the keynote speech of Dr 
[Franz Vranitzky, the Austrian 
(chancellor, who effectively 
closed a century-old chapter of 
[Austrian socialism. 

Its traditions were deeply in- 
tflnenced fay Tomas Bauer and 
(other late 19th century Austrain 
[Marxists, but Dr Vranitzky told 
[delegates the party had to look 
(towards the future. 

It would remain a party of 
freedom, tolerance and democ- 
racy, but it could not torn its 
I back on the economic and so- 


cial changes taking place in 
Austria and throughout Europe. 

The chancellor’s speech set 
the agenda for a new kind of so- 
cialism which would focus 
sharply on an ideology which 
put pragmatism, efficiency and 
modernisation above a pater- 
nalist state and a heavily subsi- 
dised public sector. 

. He told the congress that 
change would involve cutting 
the bndget deficit, trimming the 
welfare state and radically res- 
‘ tincturing the loss-making 
state-run industries. 

The changing profile of the 
.party and Dr Vranitzky’s 
speech, which echoed senti- 
ments expressed by other Euro- 
pean socialist parties, were cri- 
ticised by some grassroots 
members. But criticism was 
muted. As one delegate put it: 
-The party is becoming a party 
of technocrats who place ideol- 
ogy way down on their agenda.* 


E Berlin rejects reform 


BY LESUE COU1T M BERLIN 

EAST GERMANY has no inten- 
■tion of emulating the political 
! and economic reforms being un- 
dertaken in foe Soviet Union, 
Poland and other East Europe- 
an countries, according to a 
leading Cormunlst Party offi- 
cial 

I Mr Kurt Hager, the chief ide- 
ologist of foe East German par- 
ity, wished the reforms ’com-- 
plete success,’ but said foe 
party would continue to serve 
the ’common cause of socialism’ 


Mr Hager said East Germany 
■was on the ’sensitive dividing 
‘line’ between the two main so- 
cial systems and military alli- 
ances, implying that this was an 
important reason it could not 
introduce reforms. 

German officials had 


warned (hat political reform 
could easily run out of contro 
because of foe country's close 
ness to foe West. 

Simultaneously, foe mail 
East German youth move men 
newspaper attacked an anti 
Stalinist Soviet film as the ’con 
cave mirror of a fundamentally 
perverse world.’ 

The film was made with thi 
support of Mr Eduard Shevard 
nadze, Soviet Foreign Minister 
when still party chief of Geor 
gia. 

It was released to great criti 
cal acclaim in foe Soviet Unior 
earlier this year and recently 
shown on West Germany teievj 
sion, which is watched widely ii 
East Germany. 

Mr Hagar also accused con- 
servative West German politi- 
cians of interfering in East Ger 
many's internal affairs. 


Polish workers warned on sa cking 

BY CMVSTOMffiFl BOBtNSKl M WARSAW 

POLISH officials have reacted management committee, 
to protests by several workers' - . .. 
self-management councils _ j™ 8 ? at meeting was ft 
against the sacking of two activ- Zdzislaw Sadowski, a depul 
ists from the Polar factory In premier, who defended a coi 
Wroclaw by warning them not to ' trov «rsial move to integrate ti 



— «»*•- nwasn councils are free’ 
nedtrade union. elected under a law passed i 

i**? at a 18S1 - w Wch also gives coune 
w? gJB P 1111 ^ Warsaw from members job security guaraj 
iwiw’oK' 3 fonn . er -teed by the courts while in o 
Communist lice. This is to protect t 

$£S r Jr8L m . if - "?" »eainst harrassment by the a 
•man of foe parliamentary seif- thoritiea a 












I 



a 










Financial Times Friday October 30 1987 



In one of the most efficient cold-stores 
in Europe, nobody has a clue where anything is. 


Thanks to IBM, no-one has to. 

The cold store in question is owned by Bernard 
Matthews pic and is controlled by an IBM midrange computer 
using a Random location program’. 

This means that the computer has all the deliveries 
to the warehouse packed into whatever space is available, 
irrespective of its location. 

When the computer receives an order it ‘remembers’ 
where the goods are stored and issues instructions to find them. 

It may play havoc with the warehouseman’s sense of 
direction, but the computer maintains the cold store at up 
to 99.6% capacity, all 1.2 million cubic feet of it 

And naturally the fuller it is, the more cost-effective it is. 

. IBM has worked successfully with Bernard Matthews pic 
on a whole range of projects from order processing to 
forecasting. 


It’s fair to say that Bernard Matthews pic relies on IBM 
midrange technology throughout their business. 

The cold store is really just the tip of the iceberg. 

For more information on IBM midrange solutions. 


please phone Caroline Edwards at the IBM 
National Enquiry Centre on 01 - 995 7700. 


5 



OVERSEAS NEWS 


Financial Times fridav October 30.1 W 


Deng likely 
to be 

allowed to 
retire 

By Robert Thomson (n Peking 

A SENIOR Chinese official in- 
dotted yesterday Umt De^ 
Xiaoping, the paramount Chi- 
“«se leader, has finally con* 
his colleaguwthat he 
retire from his senior 

communist Party posts. 

While Deng, 83, is likely to re- 
map paramount leader, despite 
relinquishing his Politburo 
post the apparent acceptance 
or his retirement Is a victory for 
his campaign to Institutionalise 
apegrion plan for the Co mum- 

*J5** Ma ’ a state Councillor, 
raw journalists last night that, 
after initially disgreeing with 
gens's plan to retire, he had 
®een "persuaded* by the lead- 
ers arguments. Given that most 
party decisions are unanimous, 
“would be unusual for Gu to be 
sanding apart from other dele- 
gates to the 13th Party Congress, 
which will formally announce 
personnel changes in coming 


Heavy spending on the army is largely responsible for a severe economic crisis, Nora Boustany reports 

Syrians adapt to life without the bare necessities 


The military has demanded, 
that Deng stay on as chairman 
of the Central Military Commis- 
sion, according to Gen Yu Qiuli, 
also a Politburo member, who 
made clear in a recent conver- 
sation that only Deng has stat- 
ure enought to lead the People's 
Liberation Army. 

However, if some of the many 
rumours circulating among Chi- 
nese are to be believed, the el- 
derly will continue to play a 
prominent role in the leader^ 
ship. Yang Shangkun, 80. a se- 
nior member of the Military 
Commission, is said to be in line 
for the presidency, a largely 
ceremonial post 

More interestingly, well- 
placed Chinese maintain that 
Chen Yon, 82, a conservative 
economist, has agreed to retire 
from the Politburo Standing 
Committee, but will be appoint- 
ed chairman of the Central Ad- 
visory Commission, which coun- 
sels the Politburo on policy. An 
obviously ailing Chen had to be* 
helped to his seat for the open- 
ing address of the Congress on- 
Sunday, and left an hour early. < 


IN THE DARK but lively Hama- 
diyeh aouk In central Damas- 
cus, crowds of shoppers mingle 
with pedlars hoping to sell any- 
thing from stuffed falcons to 
leather slippers. At the Syrian 
capital’s opulent Sheraton ho- 
tel, life continues with its cus- 
tomary extravagance and glit- 
ter. 

Amid such scenes, it some- 
times seems hard to remember 
that Syria is still in the throes of 
a severe economic crisis. Look 
closer, though, and the symp- 
toms are plain. 

Staple goods such as sugar, 
butter, cheese and vegetables 
are sometimes impossible to 
find. Long queues form in front 
of butchers and bakers* shops. 
Bade drugs such as aspirin and 
cough syrup are not available. 
Cotton, in a conn try which used 
to rank among the world’s lead- 
ing producers and exporters, la 
in short supply if it Is found at 
alL Tissue and toilet paper are 
embarrassingly scarce. 

Daily power cuts, a state In- 
dustry performing at 50 per cent 
of capacity and a virtual stand- 
still In private Investment are 
the outward signs of the eco- 
nomic deterioration. A wave of 
industrialisation in the 1870s 
has stumbled because of con- 
straints on the availability of 
row materials, public sector in- 
efficiency and a shortage of for- 


eign exchange. The state-owned 
Sweida shoe factory, for exam- 
ple, whieh used to produee 3JJ00 
pairs of shoes a day, now only 
puts out 800 because the Gov- 
ernment is short of frauds to im- 
port such basic items as glue 
and is operating at a loss be- 
cause prices are fixed. 

The simplest explanation for 
t h* malaise is the burden im- 
posed by Syria’s heavy spending 
on the 400,000-gtroiig armed 
forces and on the security ser- 
vices. Some 60 per cent of the 
budget Is devoted to these pur- 
poses, which does sot leave 
much for anybody else. 

Syrian officials themselves 
blame Lebanese middle men for 
many shortages, noting that in 
Lebanon - which has, after all, 
been at war with itself for 12 
yean - one can still find every- 
thin one wants. 

Ordinary Syrians also seem to 
have a knack of making do with 
what they can find. It Is In our 
nature to complain, but Syrians 
can adapt to anything,” said a 
freelance writer who studied 
abroad for seven years. 

Nor do people think economic 
gloom will lead to political in- 
stability in the foreseeable fr- 
ture: Syria may be in an eco- 
nomic crisis, but it is for from 
collapse. One Syrian business- 
man joked: ”lf people have con- 
stantly to think of food and 


drink and worry about gasoline 
and medicines, by the time they 
get all these things the day will 
be over” 

But some Syrians are thinking 
ahead. The country's minimum 
wage is a pitiful 800 Syrian 
pounds a month. Middle-rank- 
ing government officials earn 
around 2,000 Syrian pounds - 
. 

GUNMEN SHOT at three 
French security men shsaplng 
in tiie Christian Dora district 
in north Beirut, tilling an «fB> 
Wgnt nmj reamd scri- 

darae yesterday morning, the 
French Embassy said, Nora 
Boustany writes. 

The three had parked their 
Jeep some 70 metres from an 

antique shop specialising In 
copper and brass and were 
walking towards its when twn 

gunmen approached, oue wear- 
ing jeans and a leather jacket 

said to be barely enough for 10 
days’ grocery purchases for 
their families. As a result many 
educated people are looking for 
ways of leaving the country, ac- 
cording to Damascus-based dip- 
lomats. w»tp the estimated 
120,000 Syrian students who 
travel abroad to study every 
year never return. 

The dilemma for businessmen 
and merchants is far greater. 


They are caught between con- 
flicting currents of those who 
want to liberalise the economy 
and give more freedom to the 
private sector, and stricter 
Ba’ath party ideologues who fo- 
cus on the need to stamp out 
corruption and to Improve pro- 
duction through traditional cen- 
tralist reforms. Contradictory. 

The time were diet la the 
head before foe gunmen get lo- 
ta their red Dafcntn ear and dis- 
appeared Into the thick tfDor- 
a’s mid-morning traffic, an 

cyo-wftnessssid. 

This was the second attack 
on French military targets in 
Chrlstlan-eentrolled areas 

since Mr Christian Goottiere, 
military r-*tw*hfi was' assassi- 
nated outside the East Beirut 
embassy annexe in the Mar 
TUda district on September 18 
last year. 

signals come from Mr 
Mohammad al-Imadi, the US- 
educated Economy Minister on 
the one hand, and Mr Abdel 
Rauf al-Kssm, the hard-line 
Prime Minister on the other. 

Large numbers of well-to-do 
{Syrians are in jail on charges of 
illegally dealing in foreign cmv 
nuq »mi bribing government' 
officials. People caught carry- 
ing US dollars out of the coun- 


try aregtan jafitaimspf itpto 


Importers are strapped, un- ' 
leas the? have -vast foreign curs 
rency deposits abroad grin Sri* 
la itself. Money trsaateca^w 
smell businessmen are either 
impossible or danesrana, -No 
one apart from the state is al- 
lowed to impart. Irofe -steel 
wood ar phanuKewtisab^ 

•No one accepts a letter of 
credit from the Bank of Syria 
unless it la confirmed. TP set 
authorisation, you need to be 
importing an ite m on s Uit oT 
Mgfe priorities. Xp other words 
to «it a letter of oredityou need 
a .iot of pun, 1 ' a buanuwsiaan 
said. 

There are, however, some ten- 
tative signs of tiberettasttoa- 
and of moves to allow the pri- 
vate sector a more promfawot 
rule. Some big Syrian huginessi 
men, for example, have recently 
entered into joint vent ure s with 
the state in tourism and agricul- 
ture, which allows them some 
exemptions from foreign cur- 
rency and import restrictions 
and an easier interpretation of 
labour laws. 

"Economic systems in Syria 
cannot cope with the needs of 
our country or with internation- 
al development Some kind of 
updating was required and 
President Assad responded to 
an initiative by v* that may be 


ucpmtdodrto other sector*,' «* 

plained one such burinwttft, 

MrSaefcNahhas. 

Joint ventures for the cqn- 
strootlaa of tourist complexes 
outside Dauwwiuo arc .planned 
and * number of ^fouitonl 
.pKdortsAre underway, with too 
state providing free tend and. 
tudnefr and other inputs 
.taKKgfttes-ta* retand ta&ort 


llmw mmhfitifi «mt f\tm 

J"i Ji » Up * ' v ■ >WTVU- i* I • 

Cfawnmesit to take this trend* 

lot farther, "This te * yery good 


ded- Wwwwm * ml toe mum 
should eiaps? to any perron or 
Mtidmk not M Um conn 

panics,* said Mr Atoned Ha- 
daya* agent for thntasortatlon 
of General Electric household 
end ofi&N : 8unplte», Indeed, 
there anew to be few alterne- 
tteMte fiberidnatum if Syriaic 
to attract the substantial coBitsl 

wi&hftici tiSSSSSf 

Battt hi -an open question as 
to how far liberalisation can go. 


contrary to the basic tenets of 
Syria’s rating creed, Ba’athirt 
socia lism , 

"There a a whole set of hid- 
den agenda* working* mid one 
item diplomat fis 


den agendas working," said one 
Western diplomat & addition , 
to there two trends (liberalism 
«ud •Ba’athtem) there are tisoeci 
who hare a rested intereat.to! 
keepingtoeayriBmaettfa. 


Mahathir orders arrest of 
more opposition figures 


THE Malaysian Government 
yesterday made further arrests 
under the Internal Security Act 
in a widening cra ck dow n 
against opposition and radical 
groups. 

- A police statement said an- 
other 16 people had been held, 
bringing the number to almost 
80 since the operation was 
launched on Tuesday. 

The crackdown is the biggest 
since the arrests of communists 
and left-wing elements during 
Indonesian Confrontation in the 
early 1960s, and involves politi- 
cians from both the opposition 
and government parties and 


leaders of various 'pressure 
groups. Among those detained 
la Mr Lim Kit Siang. parliamen- 
tazy opposition leader and head aV 
of the Democratic Action Party. 

Dr Mahathir Mohamad, the 
Prime Minister, has accused the 
opposition DAP and the Party 
Islam, which are on the two 
ends of the country’s political 
spectrum, of respectively incit- 
ing the Chinese and the Malays 
to the point where there was a 
danger of racial clashes. Mahathir ; racial » mhH 

the racial tension in the coun- 
did not hit the streets yesterday, try, sparked off by an education 

Political observers say the de- controversy between the Malays , 
tendons have greatly deflued and Chinese. 



Basra shelled as war flares up 


BY OUR FORSGN STAFF 

BASRA CAME under heavy Ira- 
nian shelling overnight anq yes- 
terday morning in what was 
dearly a retaliation for the re- 
sumption of Iraqi air raids on 
Wednesday after a week of inac- 
tivity in the Gulf conflict 

The bombardment followed' 
an Iranian wanting of a "deadly 
response” to what Tehran said 
wore attacks on military targets. 

A military spokesman in 
Baghdad said Chat the shelling 
had killed •Six mariyrsjnclud- 
Ing a woman and a child*. An-, 
other 23 people were reported 
to have been wounded. Iran al- 
so claimed that its aircraft had 
attacked military and economic 
centres in southern Iraq inflict- 
ing heavy damage. 


The flare-up in the war came 
only a few days before the exili- 
ty of the deadline given by Mr 
Javier -Peres de Cuellar. UN 
Secretary-General, for accep- 
tance by Iran of Security Coun- 
cil Resolution. 088 of July 20 
which called fora ceasefire. 

Yesterday Mr Yuli Vorontsov, 
Soviet First Depute Foreign 
Minister, met President Sad- 


and discussed ways of imple- 
menting the resolution. Bagh- 
dad has been critical of the So- 
viet stand on the question in the 
Security Council. 

Iran claimed cm Wednesday 
to have mounted ’destructive 
raids* on a number of oil refi- 
neries and chemical plants In 


and dear Shiraz to the south ef 
Iran. Tehran said that 18 people 
*d been killed 

• President AU Kh&meixn yes- 
terday repeated Iran’s threat to 
dose the Strait of Hormuz. His 
remarks, reported by Tehran 
Radio, were evidently prompt- 
ed by President Reagan's an- 
nounce meat on Monday of a 
trade embargo against Iran. 

Saudi Arable, meanwhile, tab 
posed a news black-out on a fire 
on its off-shore Safoniya oil 
field which is 60 miles south of 
Kuwait It was extinguished on 
Wednesday. 

■ Sabotage, however, was ruled 
out by fae Arabian American 
Oil Company, the operator of 
the field- 


Philippine 
Communist 
squad ‘shot 
US airmen’ 

By Richard Gourfay In ManQa 

A COMMUNIST hit sqiuid yes- 
terday claimed responsibility 
for milng three American ser- 
l vicemeu on Wednesday near 

, tte US military's Clark Air base 

[ facility in what a Common'* 
party official said is part of a 
. planned chang e in guerrilla tac- 
tics in the Philippines. 

A caller claiming to represent 
the urban assassination groop, 
foe Alex Boncayao Brigade, 
.fold Agence France Presse that 
jaoven more servicemen would 
t be killed in protest at continued 
US supply of equipment to the 
Philippine military in support 
Of its anti-insurgency campaign- 
-The group has claime responsi- 
bility for inning more than so 
police and military officers in 
Manila this year. . 

■ Although the caller's claim 
could not be verified the party 
I official said it was almost cer- 
tain that the Hiiiwg was the 
wprk of the communist-led New 
t People’s Army urban warfare 
wing. 

TO was a political statement 
fl gninKt the intervention of the 
US in the Philippines and foe 
; presense of the bases," the offi- 
cial said, referring both to the 
Clark: and the American naval 
base at Subic Bay. 


UDF suspends 
UK contacts 

SOUTH AFRICA’S largest anti- 
apartheid coalition, the United 
Democratic Front, yesterday 
said it had suspended contacts 
with the British Government, 
Q«r Foreign Staff reports. 

The UDF announced the 
move in an open letter to Mrs 
■Margaret Thatcher, the British 
prime Minister and cited 
Britain's opposition to sanc- 
tions against South Africa. Mrs 
Thatcher's recent description of 
the African National Congress 
as a "terrorist organisation*, and 
last week's court decision to 
drop charges against three men 
accused of conspiring to kidnap 
ANC members in London. 


AMERICAN NEWS 


Ministers edse f orwnrd Stewart Fleming reports on a television debate by Republican presidential candidates 

& T 11 Tl 1 Jte 1 A 


with Arias peace plan 


Local hero Bush fights off the competition 


BY PETER FORD M SAN JOSE 

CENTRAL AMERICA’S five for- 
eign ministers edged their 
peace plan a few steps forward 
tills week and allowed them- 
selves more time to bring it fol- 
ly into effect 

At a two day meeting in San 
Jose that ended on Wednesday 
night the ministers made No- 
vember 5 a deadline for certain 
steps which, under the Arias 
peace plan for Central America, 
their governments have pledged 
to take and a starting date for 
others that are likely to cause 
problems. 

They also agreed that next 
Thursday their presidents 
would individually issue calls 
on all outside powers to stop 


aiding guerrillas in the region. 
That would require Washington 
to cut its funding to the Nicara- 
guan Contras. 

The distinction between car- 
rying out acts by the deadline 
and starting processes on that 
date staves off critics of the 
plan on two fronts, diplomats 
said. 

A Costa Rican official ex- 
plained: *We had to set some 
sort of deadline or the plan 
would have lost all its credibil- 
ity.' 

At the same time, however, 
the foreign ministers were anx- 
ious not to give the impression 
that because the pact had not 
been frilly implemented, it was 


dead. 

By next Thursday Nicaragua 
must have lifted its state of 
emergency, which suspends a- 
wide range of civil liberties, 
and have published an amnesty 
law covering botft contra rebels 
and political prisoners. 

Nicaraguan Foreign Minister 
Mr Miguel D'Escoto announced 
this week that such a law would 
be issued within the next few 
days. 

Problems remain, however, 
over Managua's refrisal to nego- 
tiate a ceasefire with Contra 
leaders. Mr D’Escoto called 
such talks ’a trap; which the US. 
administration would manipu- 
lator ' 


Money 87-with today’s market, 
how can you afford to miss it? 


WHEN FORMER Nato com- 
mander General Alexander 
Haig and Governor "Pete” Du- 
pont arerived In Houston on 
Wednesday to take part in the 
first nationally televised debate 
among the six Republican pres- 
idential contenders, what they 
and some of the other candi- 
dates had in mind was a mug- 
ging - and the target was the lo- 
cal hero, Vice-President George 
Bush. 

T wouldn’t stand too close,- 
you’ll get powder burns,” was 
the warning Gen Haig issued in 
the press room before the de- 
bate began. But if Gen Haig and 
Mr Dupont thought they had 
picked an easy target in Mr 
Bosh, a man who has been 
charged with being too much of 
a "wimp" to make a good presi- 
dent, their expectations were 
rudely shattered, for Mr Bush 
knew what to expect. 

It was Mr Dupont, the urbane 
former governor of Delaware, 
not Gen Haig who tried to insert 
tiie knife first “The question is 
in a Bush presidency, where 
would he lead America? So Ear 
we haven’t seen any vision, any 
principle, any policy. We really 
haven't bad it spelled out very 
successfully.’ 


Mr Bush quickly hit back, 
seizing on Mr Dupont’s some- 
what ethereal visions for re- 
forming the US social security 
system because It will go broke 
in the next century. TO may be a 
new idea but it's a dumb one,” 
Mr Bush responded. 

The vice-president then set- 
tled back into the role of war 
hero and experienced states- 
man which be hopes to ride into 
the White House. "You need 

somebody In the hot seat with a 
cool hand on the stick. I’ve been 
co-pllot for seven years and l 
know how to land the plane in a 
storm,’ he said. 

While Mr Bosh was making 
the most of an opportunity to 
put a dent in his "Wimp' image 
and his chief challenger, the 
acerbic Senator Robert Dole, 
was polishing up his new perso- 
na as the genial and sensitive 
guy next door, the broader 
question raised by the first Re- 
publican debate was: how do 
the candidates measure up 
against the Democrats? 

In terms of entertainment val- 
ue there was no contest The 
Democrat's faeven dwarfe" (bow/ 
short of Senator Joseph Biden, 
down to six) have been sending 
audiences to sleep with dull 



li - 

Y2’- ■ 


performances enlivened only by 
Senator Albert Gore’s efforts to 
break out of the pack by adopt- 
ing what pare in Democratic 
ranks for "hawkish* views on 
foreign policy, • 

At this stage, however, given 
the Democratic history of inter- 
necine warfare, low entertain- 
ment value may be good poli- 
tics.' For judging from 
Wednesday’s debate it could 


well be the Republican Party 
which turns out to be more 
-deeply split ideologically in 
1988. 

Behind the personal confron- 
tations witnessed by the 10m- 
plns viewers lay the battle over 
how to define the Reagan legacy 
-to which all laid claim. (Four of 
them said they would hang Mr 
Reagan's picture on the Oval Of- 
fice wall if they won the Presi- 
dency. Senator Dole, with his 
eyes on the larger but more dis- 
tant target, said he wold put up 
the picture of a Democrat -Pres- 
ident Harry Truman.) 

The strongest ideological 
pitch came predictably from 
Congressman Jack Kemp from 
New York, the former profes- 
sional American footballer, ad- 
vocate of supply-side economics 
and self-styled champion of the 
right He drew the distinction 
between "establishment? Re- 
publicans - by Implication 
Messrs Bush, Dole and Gen 
Haig - and the rest 

On economic issues Mr Kemp 
would have no truck with the 
idea that a tax increase was 
needed to salve Wall Street’s 
l anxieties. "Every stock market 
In the world crashing is not the 
result of the (US) budget defi- 


cit,” he said, challenging Mr 
Bush’s guarded and Senator 
Dole's more outspokesn support 
for a budget compromise. 

Mr Dole, while avoiding being 
too specific, embellished his 
approach by calling for "tiollar- 
ifor-dollar'' economic stimula- 
tion by West Germany and Ja- 
pan to match US budget cutting 
and a world economic summit 
to work out the details. 

Just as Mr Kemp challenged 
the "establishment” to stay true 
to Reaganomics and ignored 
Senator Dole’s jibe that “we are 
not going to grow out of it, as 
Jack used to say." so, too, he con- 
tinued to call for early deploy- 
ment of the Strategic Defence 
Initiative and to attack the Ad- 
ministration’s arms control 
overtures. 

"I would not sign any new 
agreement until (the Soviet 
Union) is prepared to keep pre- 
vious agreements," he said. 

These ideological clashes will 
not go away and with another 
five Republican debates sched- 
uled, they will be aired ftilly be- 
fore a public which, as Wall 
Street crashes and the economy 
looks vulnerable, is already de- 
veloping a' scepticism about Re- 
publican reliability. 


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Deficit talks are only first hurdle on way to real cuts 


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ises and diidORu« d personal d*B held 


THE US Treasury released fig- 
ures this week showing that the 
US budget deficit fell to $148bu, 
from $Z21bn in the financial 
year which ended this month, a 
reduction of nearly a third. 

However, the lack of celebra- 
tion m financial markets was 
painfully obvious. They realise 
that last year’s figures are 
largely illusory. 

They are also unlikely to be 
convinced by anything pro- 
duced by the negotiating team 
struggling towards deficit re- 
ductions. 

The markets have grown used 
to proclamations of Washing- 
ton's born-again fiscal responsi- 
bility. Even if the political will 
does exist to tackle the problem 
- a matter of some doubt - the 
arithmetic makes the problem 
conftised and intractable. 

This year, for instance, Wash- 
ington Is running just to stay in 
the same place. Even if the ne- 
gotiators, drawn from the White 
House and Congr ess, m anage to 
comp up with the f23bq in defi- 
cit reductions they are looking 
for, next year's figure is likely to 


BY ANDREW MARSHALL 

! ederal spending Budget deficit 

5&-W0* fihn 


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teNotbiumt 
BB National tManca 
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E30frqr fadrN opondiong “ gg 0 

EafttraitoRKJnarltBB 



INVESTMENT ADVISORS • INSURANCE - MORTGAGES - LOANS; : INVESTMENT TRUSTS 


yshn, though lower Hwn the 
figure of $221bn for 1886. Last 
year’s low figure included extra 
receipts estimated at $30bn ac- 
cruing from tax reform: this 
year, tax reform swings the oth- 
er way, cutting revenues. 

Even getting this far has been 
painful and complicated. Re- 
cognising that the fiscal flesh 
was weak. Congress turned In 
1985 to a process that took the 
matter out of their hands. The 
so-called Gramm-Rudman fix 
set budget targets from 1985 


leading to a balanced budget by 
199L 

If Congress did not hit the tar- 
gets, automatic spending cuts 
would do the job a n y w a y ; and in 
such a painful way - cuts in all 
programmes - that, it was 
thought, there would be over- 
whelming pressure to hit the 
targets. 

One Washington hide said at 
the time: "Before Gramm Rud» 


sponsible outcomes through a 
responsible process, Now it will 
produce responsible outcomes 
from an irresponsible process." 

It did not work out that way. 
The Supreme Court invalidated 
the automatic cutting process, 
and the targets came to be hope- 
lessly unrealistic within a year 
of the bill’s passage. Congress 
has reworked Gramm Rudman. 
postponing a balanced budget 
to 1983, and that is the starting 
point for this year's negotia- 
tions. 


The new Gramm-Rudman gets 
g target of $23bn of cuts for fis- 
cal year 1988. If these are 
achieved, the projected deficit 
figure for 1988 is somewhere 
around flGObn - some $10bn 
over this year's figure. So even 
if the negotiations are success- 
ful, the trend towards lower def- 
icits is for from clear. 

Only a small percentage of to- 
tal government spending of 


in the first place. Interest pay- 
ments ou existing debt, which 
accounts for some $l40hn and 
rising, cannot be touched. Nor 
can entitlements, direct pay- 
ments to individuals such as so- 
cial security, which account for 
40 per cent of spending. That 
leaves just $S40bn (34 per cent), 
of which by far the largest part 
ia defence. 

Cutting the 814Sbn deficit us- 
ing just spending cats Is, most 
budget analysts agree, too aus- 
tere to consider. Congress has 


ry«:.v 1 

P. 1 


86 87 

ft* 

not pushed' the question. In- 
stead, they have shown a dis- 
turbing tendency to produce un- 
real savings or revenue 
increases to radge the issue. 

One of this year's gems is to 
force pizza companies to state 
whether their products contain 
real cheese. This would raise 
cheese sales, and reduce the 
need for agricultural price sup- 
ports, Congress argues. 


.has allowed the Gramm-Rud- 
man system to be subverted is 
its reliance on projections 
matched to targets. Both Con- 
gress and the White House have 
exploited this to the frill in the 
psst to give the impression of 
progress. 

These projections are also un- 
dermined tor the failure of the 
real economy to match up to re- 
ality. If growth, unemployment, 
and interest rates do not live up 
to expectations, the deficit out- 
turns can be significantly dif- 


ferent This, with Congress's ac- 
counting ingenuity, reduces 
Gramm-Rudman ’s apparently 
scientific method to a lottery. 

Moreover, many people in 
Washington are starting to 

a nestion the wisdom of cutting 
le budget deficit at a time of 
weak economic growth, 
i Gramm-Rudman includes a get- 
out clause for this. 

So if the crisis in the financial 
markets has at last pushed 
White House and Congress to- 
gether, this is only the first hur- 
dle. The next one is getting real 
cuts, and maintaining them for 
the next five years until the 
budget is brought down to man- 
ageable proportions. 

Under the new Gramm-Rud- 
man , this task has been post- 
poned. Next year, an election 
year, only SSbn-jlObn in cuts 
are demanded. The effects of 
this could be erased by even a 
small change in economic cir- 
cumstances. 

Deficit reduction on a grand 
scale has to wait until fiscal 
year 1990, for the new presU 


cit down to $l00bn from an esti- 
mated fl36bzL 

"They want a magic solution - 
said Mr Stanley Collender, di- 
rector of federal budget policy 
for Touche Ross. The White 
House’s preferred formula is 
constitutional amendments giv- 
ing the president a line Hem ve- 
to of expenditure and guaran- 
teeing a balanced budget 

Magic would be nice. Howev- 
er, the markets seem to have at 
last realised that no-one has 
anything up his sleeve. 


S i Si 

t'ti 








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8 


WORLD TRADE NEWS 


Financial Times Friday Qctobcr 30 1987 


Middle-aged Gatt faces a future of uncertain promise 


"LIFE, begins at 40." runs the 
song immortalised many years 
ago by Sophie Tucker. Unlikely 
as it may seem, it is a refrain 
that could haunt the mind of 
many an official at the General 
Agreement on TariQs and 
Trade in Geneva today as the in- 
stitution celebrates its 40th an- 
niversary. 

For Ms Tucker’s message of 
hope and determination in the 
lace of an uncertain future is 
one of peculiar relevance to 
Gatt in 1887. The launch of the 
Uruguay round of multilateral 
trade liberalisation a year 
ago has brought it to a water- 
shed that goes beyond the mere 
onset of middle age. 

The hope is that it will 
emerge reborn and rejuve- 
nated; the fear that, without 
stronger leadership from the 
world's main trading powers, it 
may fizzle out into irrelevance. 
With it would wither the free 
trade philosophy that has guid- 
ed Western economic policy- 
making since the end of World 
War a 

That Gatt should have 
reached the ripe old age of 40 at 
all is remarkable in itself It 
was never conceived as a per- 
manent institution, but rather 
as a temporary compromise to 
compensate for US failure to 
ratify a much more powerful In- 
ternational Trade Organisation 
intended to act as a tough po- 
liceman of the trading system. 

Moreover, by some yardsticks 
it bas been an eminently suc- 
cessful organisation. Thanks to 
a formula under which industri- 


al countries have been pre- 
pared to 'bind* or fix their tariff 
levels at progressively lower 
rates, average tariffs on world 
manufactured trade have wink 
dramatically. By some esti- 
mates they stood as high as 40 
per cent in 1847. Today they are 
not much more than 5 per cent 

But Gait's future is threat- 
ened by strains on the world 
trading system which have 
emerged on several fronts: vola- 
tile exchange rates, the persis- 
tent trade imbalance between 
the US and Japan, the squeeze 
on developing countries as a re- 
sult of the debt crisis and the 
urgent need to adapt the world 
economy to an era of technolog- 
ical revolution. 

The new Uruguay round 
launched a year ago in Punta 
del Este is symbolic of its abili- 
ty to survive in this chunking 
world. The round is the most 
ambitious ever seen. Agricul- 
ture and textiles, two areas 
which so Sir have been more or 
less immune from traditional 
Gatt prescriptions, have been 
put on the negotiating table. 
For the first time the talks ex- 
tended into new areas like 
trade in services and invest- 
ment flows, For the first time al- 
so, developing countries are 
supposed to have an important 
say In the eventual outcome. 

Ms Sylvia Ostxy, Canada's 
chief G a t t negotiator and a for- 
mer chief economist at the Or- 
ganisation for Economic Co-op- 
eration and Development, 
believes that growing world in- 
terdependence and technologi- 


cal change has enhanced oppor- 
tunities for international 
economic co-operation and ad- 
vance. But she told an audience 
of bankers and officials In a 
Washington lecture last month 
the pace of technological 
change and the need for major 
countries to adapt to payments 
imbalances has simultaneously 
increased vulnerability to eco- 
nomic shock. 

In quite large measure the 
new Uruguay round will demon- 
strate whether the world as a 
whole Is prepared to grasp 
these new opportunities or re- 
treat from the challenge 
economic isolation and protec- 
tionism. Its success depends on- 
ly partially, however, on how fin* 
agreement can be reached to 
free trade in agriculture and 
textiles and to sweep away bar- 
riers to investment flows and 
trade in services. 

Most Important of all is the 
degree to which the Gatt system 


William DoDforce reports as the General 
Agreement on Tariffs and Trade celebrates its 
40th birthday amid hope that it can play a 
stronger role in the world’s trading relations 


World Merchandise Trade and 


Commodity Oiitpuft 

Index 1S6O-1O0 


can be strengthened. Its philos- 
ophy is based on the belief in 
increased world prospe ri ty 
through liberalisation of trade 
on a multilateral front 
reinforced by a willingness on 
the part of its members to sub- 
ject themselves to a rigorous 
and disciplined dispute settle- 
ment process. In practice this 
philosophy has been eroded in 
recent years, raising new 
doubts about the organisation. 

As tariffa have come down, 
non-tariff barriers - for example 
the use of standards and certifi- 
cation procedures as a barrier 
to imports - have proliferated. 



Chamber of Commerce in Wash- 
ington says It takes an average 
of 4.6 years for US companies to 
obtain a Gatt ruling on unfair 
trade practices, and even then 
there is no assurance that the 
practice will be discontinued. 
Disillusion with Gatt is one of 
the wmin reasons why -the US 
Congress is now determined to 
strengthen national trade laws,- 
he says. ‘ 

"fa the last several years' 
(Gatg has become largely a de-; 
bating society where nothing 
happens," adds Mr James Bo-, 
ibinaon, chairman of American 
Express and president of the 
US Bound Table task force on 
international trade. 

■ The Uruguay round cannot 
succeed unless it can restore 
some measure of credibility to 
Gatt. And unless that happens 
its ftrture may be in jeopardy. 

Over the rears Gatt has grown 
used to a Ufa of quiet anonymity 
compared with its sister organi- 
sations, tire International Mone- 
tary Fund and World Bank. Un- 
like them it is not a forum for 
grand economic debate; it has 
no money to dispense to its 
members; it has no sanctions to 
back up its rulings. Its secretar- 
iat, housed In one wing of a som- 


The impact of such non-tariff 
barriers is hard to quantity and 
as a result trade policy bas lost 
transparency. Major trading 
powers have become inclined to 
bypass Gatt with bilateral vol- 
untary trade restraint agree- 


ments, or otherwise twist, its 
rules to their own advantage. 
Gatt has proved weak in its abil- 
ity to enforce rulings intended 
to settle international trade dis- 
putes. 

Mr .Bill Archey of the US 


shores of Lake Geneva, ■ num- 
bers only 880 people and its an^ 
aal budget is just SwFrfSOm. 

The General Agreement is a 
mtract setting out rules for the . 
induct of international trade, 
has already been revised In 
rven successive rounds of rani- 
lateral trade liberalisation 


talks. Because the contract is a 
negotiated document written by 
a process of political compro- 

flawed and faUofloopholes. 

The crucial question facing 
Gatt today Ja whether the world 
can muster xoffiaeot political 

will -hr eliminate 1 the flaws, 
dose : the loopholes and come 
mi with d raw agreement that 
will: command genuine interna- 
tional reject Citing "the ex- 
traordinary new perception of 
the fundamental role of inter- 
national trade in the world 

economy,' Mr Arthur p gnfaftt. 

Gatfs ever-optfanlstic director- 
dcra*lWuphM stnuSelS 

ahead; . 

No cue expect s foe Urogsuf 
■ round to come up with Iutu&du 
C ut answers for every single 
ti ff, bat it has at least tomafce 
a start on tackling some of the 
new names ou trade if Gatt is to 
secure its relevance- to the 
world of the 1800s. 

That will - require' leadership' 
an the part of the- world's main 
trading powers - which Is just 
what many fear is lacking . 

"The -leadership of the US, 
which used to be a decisive de- 
ment l e a d ing to successful con- 
clusion* of previous rounds, 
geewtohoTCweaksae&TKJtice- 
ably," complains Mr TnmnWho 
Kobayashi, Japan's chief trade 
negotiator. Others say -that Jar 
pan in particular, and .the ISC. 
are too defensive in their deal- 
ings, with Gatt and unwilling to 
fake up the baton. - 

The price of failure could be 


South Korea’s US imports rise 
as its markets are opened up 


us reduces France moves to resolve 


debt to Gatt 


BY MAGGIE FORD IN SEOUL 

EFFORTS by the South Korean 
Government to increase imports 
from the US by opening its mar- 
kets appear to nave been suc- 
cessful, according to the Minis- 
try of Trade and Industry. 

Imports of 52.3b n in the third 
quarter, a 42 per cent rise over 
the same period last year, fol- 
lowed rises of 20 per cent and 37 
per cent in the first two quar- 
ters. 

Seoul has been under strong 
pressure from Washington to 
open its markets and appreci- 
ate its currency, the won, so as 
to reduce its trade deficit from 
last year’s S7.2bn. The won has 
appreciated sharply in the past 
few days to reach a rate of 7.4 
per cent over the whole year. 

The Ministry report said the 
increase in US imports would 


not reduce South Korea’s trade 
surplus with the US this year 
because of the expansion in ex- 
ports. In the first nine months of 
the year the surplus reached 
S8.7bn, a rise of 28 per cent, 
with the busy Christinas period 
still to come 

US officials appear reason- 
ably satisfied with Seoul’s ef- 
forts to respond to their com- 
plaints, although irritations 
about tariff *nd non-tariff barri- 
ers remain. 

South Korean officials have 
recently announced a plan to 
open the advertising market to 
foreign firms, following the re- 
cent liberalisation of Use Ufa in- 
surance markri. 

South Korean officials have 
also expressed alarm about a 
tentative U6 plan to remove the 


four Asian newly industrialis- 
ing countries - South Korea, 
Singapore, Hong Kong and Tai- 
wan - from their privileges un- 
der the Generalised System of 
Preferences (GSP). 

South Korean exports worth 
9&2bn are covered by the GSP, 
out of total exports to the US in 
1886 of $8bn, according to offi- 
cial figures. 

The plan to graduate the 
countries, on the grounds that 
their economies have advanced 
beyond the need for protection, 
bas caused anger in Seoul. GSP 
preferences are supposed to be 
extended until countries have a 
per capita gross national prod- 
uct of around $8,000, and South 
Korea's, although expanding 
rapidly, has not yet reached 

S&ooa 


ByWWmDuBcxra 
THE US yesterday saved Gatt 
from having to seek a bank 
o ve r dr aft ou Its 4Mb anolver- 
sary today fay paying part of its 

Mr Michael Samuels, the 
Deputy US trade negotiator, 
told a special Gatt council that 
by the dose of business today 
Washington would have trans- 
ferred the equivalent of 
SFk2JB4m (fLbn) into the Gatt 
account. 

The US owed Gatt a total of 
SfrtZ.5m, of which Just under 
SFrtw dated back to Iff*, usu- 
ally Washington pays up after 
October 1, wtam foe new Fed- 
eral budge* is available. 

Congress, still arguing ever 
the budget deficit with the Be- 
agau administration, has not 
yet authorised foe 1987/88 ap- 
propriations. Altogether mem- 
ber countries owe Gatt 
SfrS&Sm, 


gas deadlock with Algeria 


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ROMA 


BY PAUL BETTS IN PAMS 

MR ALAIN Madelin, the French 
Industry Minister, will visit Al- 
geria next month to try to re- 
solve the increasingly bitter 
deadlock between Paris and Al- 
giers over French gas imports 
from Algeria. 

Gaz de France (GdF), foe 
French gas utility, and Sona- 
trach, the Algerian state hydro- 
carbons concern, have been 
bogged down In complex price 
ana gas contract negotiations 
since July 1886. They were origi- 
nally due to agree by the end of 
last year. 

Their failure reach a commer- 
cial agreement has provoked 
growing frustration In Algeria 
and increased friction between 
foe two countries. 

Mr Belkacem Nabi, foe Alge- 
rian Energy Minister, warned of 
"huge political implications' af- 
ter the latest round of negotia- 


tions in Paris last week again- 
failed to produce agreement 

Algeria, with foe Soviet 
Union, is France’s biggest gas 
supplier, meeting about 28 per 
cent of its needs. France has 
three supply contracts with Al- - 
geria, accounting for 9.15 bit- 
Ron cubic metres a year. 

The current negotiations are 
blocked on three issues -thesis 
pricing formula, French de- 
mands for greater flexibility in 
the volumes of gas to be sup- 
plied, and the renewal of exist- 
ing contracts. The oldest of 
these is due to expire at the end 
of 1800. 

Algeria is particularly anx- 
ious to resolve foe negotiations, 
with France, since gas now ac- 
counts for 98 per cent of Algeri- 
an external earnings. 

Mr Nabi warned at the mid of 
last week that foe gas issue was 


the key to Franco-Algerian co- 
operation. However, fie also in- 
dicated Algeria was prepared 
to we that foe price France 
rays for its Algerian gas was in 
line with the price of its other 
imported gas supplies. 

Is the longer term, France 
wants to spread its gas supplies 
between Algeria, the Soviet 
Union and Norway, with each 
country accounting for about 2S 
percent of imports. 

The remaining 25 per cent 
would be made up from 
France's declining Lacq gas 
field U well as other exporters. 
iwoimiiwp Hie Netherlands and 


GdF - together with several 
other European gas utilities - 
tin* stuted with Ni- 

geria, and has also had contacts 
with Qatar. 


high. Mr Richard Biackhurst, 
Gait's chief economist, warns 
that without a successful Uru- 
guay round foe world tr ading 
system could quickly split into 
regional trading blocs. Stability 
ana predictability would be 
lost Trade would become even 
..-.more political and world eco- 
nomic growth would alow. 

- 7 At best Gatt would go into a 
-state-of suspended animation 
until nations again decided that 
multilateral rules offered a bet- 
ter deal. 

On the surface, interest in 
. -Gattis very much alive. The So- 
viet Union would like to join. 
China is negotiating entry and 
: . other new members like Mexico 
have also been sigoed up. At 
foetr Venice summit th» s year, 
the leaden of foe industrial 
worUfagam stressed the impor- 
, trace they attach to foe new 
bound. 

- ironically most are still pre- 
pared to hedge their bets. It 
cannot be a coincidence that, 
-even with the Uruguay round 
muter way, the EC is bent on 
strengthening its own internal 
market while the European 
Free Trade Association tags 
along close behind. On the oth- 

- er aide of foe Atlantic the pro- 
posed free trade agreement be- 
tween the US and Canada 
simultaneously heralds a stron- 
ger regional trading bloc. 

On its 40th birthday Gatt Is 
thus poised between the prom- 
ise held out by a successful Uru- 
guay round and foe menace of 
fragmentation of foe trading 
system if rt fails. 


Galileo gets two 
new airlines 

ByMteha slPonne,Acwapsca 

Correspondent 

TWO MORE airlines, TAP of 
Portugal and Aer Lin gas of 
Eire, have Joined Galileo, the 
Joint computer reservations 
system (GKS) set up this sum- 
mer by British Airways. Swis- 
sair, KUf and Covfa, part of 
United Air Lines of the US. 

British Caledonian, Austri- 
an Alrilww and Alitalia of Ita- 
ly also recently joined Galileo. 
The rival European CBS sys- 
tem, Amadeus, Includes Air 
France, Lufthansa, Iberia, 
Scandinavian Airlines System, 
Ftamair and liqjeilyg of Swed- 
en. The aim eff CBS "dubs" Is to 
link airlines' computer 
syst e ms to enable them to dis- 
play services en travel agents* 
screens In the hope of boosting 
market share. 

Bath CBS groups have been 
wooing uncommitted airlines, 
sb eh as Icelandair, Sabena, 
Olympic, Turkish Airlines and 
JAT of Yugoslavia. 


Algeria finds new role for 
Chambers of Commerce 

BYFMNaSGMLE* RECENTLY W ALGERS 


UK order is export 
first for West Bank 


THE ROLE of Algeria’s Cham- 
bers of Commerce is being re- 
vived, as part of reforms to lib- 1 
eralise foe country’s economy 
and improve co-operation - be- 
tween the dominant public sec- 
tor ami the myriad private com- 
panies, which until recently 
were held in great suspicion by 
parastatal organisations. 

In December, foe Chamber of 
Commerce of Algiers will elect 
its first president in over 20 
years. The Chambers of Algiers 
and Oran - the town with the 
mast private companies outside 
the capital- were closed in 1974, 
when the former Head of State, 
Mr Houart Boumedienne, was 
pursuing increasingly strident 
’socialist 1 policies. They were 
reopened in 1980 - one year after 
Mr Chadli Bendjedld was elect- 
ed President - and became op- 
erative three years later; But 
only recently have they been 
able to setup commissions list- 


ing all the private companies 
specialising m a given sector. 

The presidential decree of 
August!, 1987 allows free mem- 
bership of foe Chambera for pri- 
vate and State companies. The 
former will hold two thirds of 
the seats on the new ruling 
body, which will have the sensi- 
tive task of distributing import ! 
licences to companies within 1 
the framework of the foreign I 
cu r rency allocated by the Min- 1 
istry of Trade to each sector. 

Private businessmen have 
been invited to the meetings of 
the all-pawerfal inter-ministe- 
rial commissions which decide 
what to buy abroad, where and 
from whom. They are also being 
invited to join official Algerian 
trade delegations abroad. Be- 
cause the country prefers to 
conduct trade through ’frame- 
work agreements' with foreign 
partners, such missions play a 
crucial role- 


BY ANDREW WOTLEY M RAMAL1AH 


HIGH QUALITY Silk lingerie 
made fay a small Palestinian 
company will be appearing 
shortly on the counters of Har- 
rods. following the Israeli Gov- 
ernment's recent approval of 
the first-ever direct export of 
industrial goods from the occu- 
pied Arab territories. 

Promotion of private enter- 
prise in foe West Bank and Gaza 
has been a key theme which 
Western governments have 
hammered away at in recent 
years in their dealings with foe 
Israeli authorities. But the na- 
tional unity Government cur- 
rently led by Mr Yitzhak Shamir 
has been notoriously slow in de- 
molishing 20-year-old barriers 
jin the way of Palestinian ex- 
ports. 

In theory, foe doors to the Eu- 
ropean Community market were 
opened last October. A Commn- 
,nity directive gave duty-free ac- 


cess to industrial goods from 
the small Palestinian manufac- 
turing sector in the occupied 
territories. But it took a full 
year before the first break- 
through shipment was made. 

Earlier this month, Mattin, a 
non-profit making organization 
in Rama 11 ah, not far from Jeru- 
salem, finally obtained all the 
required stamps and permits 
from the various Israeli Govern- 
ment departments to enable it 
to ship a consignment of 
women’s underwear to foe UK. 

The value of the consignment, 
£3,000, was insignificant, even 
by the standards of a company 
which recorded sales of only 
£60,000 last year. What delight- 
ed Mr Charles Shammas, Mat- 
tin’s project director, was the 
fact that among the customers 
were Fenwicks, the London de- 
partment store, and a number of 
fashionable boutiques 


China fights to keep the tourists interested 


BY ROBOT THOMSON IN PEKING 


the “monotonous* activities of- 
fered and "poor service”, though 
industry analysts say a key fac- 
tor Is that the China novelty is 
wearing off Many foreigners 
wailing to visit a China closed 
in past decades have passed 
through in recent years and the 
country must now prove itself 
against tough tourist competi- 
tion, foe analysts say. 

Chinese provinces have been 
urged by foe central govern- 
ment to devise new diversions, 
and almost every day officials 
announce foe opening of a park, 
foe restoration of a temple or 
more creative pursuits, such as 
train-spotting or the rifle range. 
It was announced last week that 
tourists will soon be able to 
watch re-enactments of the sac- 
rificial rites of Chinese emper- 
ors. 

The deputy director of Pe- 
king's tourist bureau, Mr La 
Bing, has just declared that 


ON A CLEAR day, tourists 
standing atop the rostrum used 
by Mao Zedong to review Red 
Guards during foe Cultural Rev- 
olution should be able to see 
China's first Kentucky Fried 
Chicken store at foe other end 
of Peking's Tiananmen Square. 

As part of the drive to attract 
foreign tourists, foe Chinese 
Government has allowed the 
opening of both the once-sacred 
rostrum and the East-food store, 
as well as a rifle range at which 
visitors can hire and fire an 
AK-47 or an anti-aircraft gun. 

Chinn Huh realised that fofa 
year is a turning point in its 
tourist development The num- 
ber of foreign tourists rose by 
only 7.8 per cent last year, after 
an increase of 33 per cent in 
1965 and of an average of more 
than 22 per cent annually from 
1978 to 1989. 

Tourism irfHHais blame the 
smaller increase last year on 


The F1HNHC1AL TIMES pn/pmu ta pMS ttfe saner m Tmtfay, taste 1 
BANKING Sutyeds to tie co w ed ta tie nmajr ac 

EQUITIES AND STOCK EXCHANGES 

BONDS i i ■ ■■■ — 

PRO FILES STOCK EXCHANGES 

FINANCE COMPANIES For a ton eMortal synopsis wf adveflbtag hftmute pleaa testact: 

cl 

FtassU Item (Swttzatanti) Ltd, 15 me da Codder, 2201 Beam 

Teh G22-3H M4 
or 

Ptirifo Swridgn 

Ftamcfal Tinea, Bracken Home, 10 CHSN Sheet, Usdm EC4P 4BY 
Tab 0*48 800813426 


tourists spending more than $30 
on souvenirs will be given lot- 
tery tickets and have a chance 
of winning a week-long stay in 
the capital - the winner will 
have to make his or her own way 
back to Peking. 

Tourism figures for this year 
show Improvement, but the 16.6 
per cent increase in foe first six 
months is still far below what 
the government had envisaged 
up until last year. On the basis 
of the boom in 1985, foe govern- 
ment planned for 5m tourists in 
1980 and 10m annually by the 
end of the century. Those goals 
are now out of reach, with the 
figure for this year likely to be 
around 1.8m. 

The government had also 
planned hotel development on 
foe-basis of the previous large 
increases, and so numerous 
cities are likely to suffer a 
longterm glut The State Plan- 
ning Com m is s ion has conceded 


that there will be a room sur- 
plus of at least 30 per cent in 
Pelting by 1990, though foe actu- 
al figure could be far higher, as 
several influential Pelting de- 
partments have signed con- 
tracts despite a government ban 
on new hotels. 

Chinese officials are aware 
that poor service and transport 

S oblems have made it unlikely 
at many visitors of foe past 
few years will return. Planes 
are habitually late, throwing 
tight schedules Into disarray, 
and pre-paid hotel bookings 
sometimes disappear. 

The office of the State Gener- 
al Administration for Travel 
and Tourism says key problems 
are foe shortage of good inter- 
preters and foe poor calibre of 
management staff: "in view of 
this, complaints about the qual- 
ity of our tourism among for- 
eigners are understandable”. 


fdunce akd bhestmect 


25,1987. 

BANK POLICING AND SECRECY 
INSURANCE 
PENSION FUNDS 
VENTURE CAPITAL 
PERSONALITY PROFILES 









OKAMLVN PUBLISH WG GROUP UWTED 



“GINGER. YOU OWE ME A BOB." 

“YEAH. AND YOU OWE ME THREE BOB. GIVE ME 
TWO BOB. AND WE'LL CALL IT QUITS." 


- -i 


MANY INTERNATIONAL BANKS HAVE 
JUST TAKEN A LEAF OUT OF THEIR BOOK 








concept of ‘netting’. ' [ ' ' 

. • ‘ I 

It’s an idea that’s been taken up by many of 
the leading international banks in the world. 

The sums of money may be larger (and 
the trousers longer) but the principle remains 
the same. 

Every day, the banks buy and sell foreign 
currency by the billion, making many different 
deals in different currencies. 

Before ‘netting’, the banks would settle up 
after each individual deal. Now, under the 
foreign exchange netting system developed by 
FXNET, they can settle up just once a day for 
each currency. After totting up all the deals, 
they simply transfer the net amount owed. 

This cuts , the number of payments to a 
minimum, and reduces the settlement risk. 

Of course, a gobd idea is only good if it 
works in practice. Which is where we came in. 

Our GOiisulcarits ;r worked closely with 
FXNtET, throughout, 'from the specification 


stage rightLjhrough to implementation. 

Initially, we looked at the controls within 
the computer system, then we tested it out. 
And ‘acceptance-testing’ continued as more 
enhancements were added. 

As part of our input, we also developed 
a user training programme, helped set up 
FXNET as a company, and gave advice on 
business strategy. 

The next move is to set up the FXNET 
system in New York and Tokyo. And we’ll be 
involved there too. 

It seems that FXNET users like our ‘hands- 
on’ approach. We manage to be independent 
and objective, yet at the same time involve 
ourselves in the daily nitty-gritty. 

We call this attitude ‘getting our hands 
dirty.’ 

Another idea that might well have come 

. i 

from William and Ginger. 

Brice Waterhouse 


/ 






II 


/, V 



UK NEWS 


Industry keeps calm but ^ 8 t ^ nds 
cautious during the crash Sunday 


BY KEVIN BROWN, TERRY DODSWORTH, DAW THOMAS, PETER MARSH and TONY JACKSON. 


Admiral's Cup. 

An exclusive creation of watchmaking art 


Conns watcba are on view at the Saest jewe Bm. Fora ft ro c fu BC . write to: 
CORLTM, roe da Petit-Chateau, 2300 La Chaux-dc-Fonds, Switzerland. 


SCOTLAND 

The Financial Times proposes to 
publish a Survey on the above on 

FRIDAY 4th DECEMBER 1987 

For a full editorial synopsis and details 
of available advertisement positions 
please contact: 

KENNETH SWAN 
on 031-220 1199 
or write to him at: 

37 George Street, 

Edinburgh EH2 2HN 
Telex: 72484 

FINANCIAL TIMES 

EUROPE'S BUSINESS NEWSPAPER 


THEY MAY be panicking in the 
City of London over the markets 
turmoil In the Stock Exchange 
bat there was hardly a hint of 
concern in the boardrooms of 
British industry yesterday. 

Upper lips stayed decidedly 
stiff aeross most industrial sec- 
tors; except where they were 
curled upwards in disgust at the 
antics of the markets. 

Mr Denys Henderson, chair- 
man oflCI, led the field in this 
respect: he described himself 
as "extremely narked (angry), to 
say the least' over what had 
happened to his company’s 
share price. 

In response to yesterday's re- 
cord third quarter profits of 
over £lbn before tax. Che price 
collapsed a fkuther 40p to below 
£10. Three weeks ago it was 
£16.40 

"ICTs profits, dividends and 
earnings per share are up dra- 
matically,” he said. "You may 
say it’s all happened before, in 
1874 or I960, but the difference 
this time is that the whole com- 
pany's been restructured. At 
under £10 our shares are under- 
valued on a yield basis alone.” 

Other companies took a less 
critical view of the events in the 
markets, but were equally san- 
guine about their own pros- 
pects. This "business as usual* 
approach was most marked in 
the chemicals and pharmaceuti- 
cals sector. 


Glaxo. Britain’s biggest drugs 
company, said: "The direct con- 
sequences (of the stock market 
crash) are not at all obvious for 
a company like ours, which is 
not in the middle of an acquisi- 
tion programme, nor in a devel- 
opment phase, and is cash-rich." 

There were also plenty of 
companies, mostly large ones 
with a substantial share of their 
own markets, which were will- 
ing to speculate on the bright 
side of a stock market collapse. 

Mr John Everett, European 
sales manager of TNT, the Aus- 
tralia-based transport multina- 
tional, said it could lead to a 
shake-out among the many high- 
ly geared, small companies 
which had entered the booming 
express delivery market 

And Mr Charles Orange, fi- 
nance director of Associated 
British Forts, said it could be au 
opportunity tor companies with 
substantial cash reserves to 
pick up acquisitions at bargain 
basement prices. 

But if there was no panic, 
there was plenty of caution. 
Wellcome, the big pharmaceuti- 
cals company, said the situation 
was causing concern, *in the 
sense that any major instability 
is worrying.’ 

On the other hand, no-one 
seemed to expect a short-term 
downturn in demand, in terms 
either of consumer spending or 
capital equipment 


Ruling clears way 
for equal pay claims 

BYDAVD BHWOLE. LABOUR CORRESPONDENT 


THE HIGH Court yesterday 
overturned a decision which 
had implied that a million Na- 
tional Health Service employ- 
ees were excluded from statuto- 
ry entitlement to equal pay tor 
work of equal value. 

The court ruled that an indus- 
trial tribunal last year had been 
wrong to block equal value 
claims by three speech thera- 
pists on the grounds that NHS 
regulations precluded such ac- 
tion being taken. The three 
claims will now return to the 
tribunal stage. 

The decision clears the way 
for L200 claims already lodged 
by speech therapists and tor 
possible claims by other women 
in the NHS, who make up about 
80 per cent of its workforce. 

Although speech therapists 
have been offered "consider- 
able" pay rises under a regrad- 
ing scheme, there will now be 
strong pressure on the Govern- 


New Issues 


October 29. 1987 


Federal 

Farm Credit Banks 
Consolidated 
Systemwide Bonds 


6.85% $706,000,000 

CUSIP NO. 313311 RL8 DUE FEBRUARY 1 . 1988 

7.375% $750,000,000 

CUSIP NO. 313311 QR 6 DUE MAY 2, 1988 

Interest on the above issues payable at maturity 


Dated November 2, 1987 


Price 100% 


The Bonds are the joint and several obligations of 
The Thirtv^seven Federal Farm Credit Banks and are issued under the 
authority of the Farm Credit Act of 1971. The Bonds are not Government 
obligations and are not guaranteed by the Government 

Additional information may be obtained upon 
request through the Funding Corporation. 

Bonds are Available in Book-Entry Form Only. 

Federal Farm Credit Banks 


90 William Street. New York, N.Y. 10038 
(212)908-9400 


This announcement appears as a matter of record only. 



The Farm Craft System 


meat to concede equal pay in 
fttlL 

ASTMS, the white-collar 
union, has backed the three 
test-case claims. The women 
seek pay equal to that of male 
clinical psychologists and hos- 
pital pharmacists, who earn be- 
tween £4,000 and £8,500 more 
per year. Basic salaries for most 
speech therapists, more than 90 
per cent of whom are women, 
range from £7,368 to £9,720. 

Last November the London 
Central Industrial Tribunal ac- 
cepted the employing health au- 
thorities’ opening defence that 
the 1974 NHS Regulations took 
precedence over the 1983 equal 
value legislation. 

The regulations state that any 
NHS employee covered by Whi- 
tley Council pay negotiations 
should be paid "neither more 
nor less" than the rates set by ' 
such negotiations. 


British Coal 
withholds 
pay rise for 
! NUM pits 

By John Gapper^abour Staff 

BRITISH COAL yesterday with- 
held a 43 per cent pay increase 
from members of the National 
Union of Mineworkera at pits 
where the NUM rather than the 
rival Union of Democratic Min- 
ers is in a majority, in an at- 
tempt to force an end to the 
NUMTs overtime ban. 

The increase - the second 
phase of a two-year agreement 
with the UDM - will be paid to , 
NUM members at pits where’ 
the UDM is the majority union, 
following legal advice taken by 
the corporation. The increase 
would take effect from the pay 
week beginning November 2. 

British Coal said wage in- 
creases would only be paid to 
NUM members at units where 
the NUM was in a majority from 
the date that industrial action - 
which is costing £3m a week in 
lost production - was called off ■ 
Mr John Northard, the 
operations director, said indus- 
trial action was losing mine- 
workers £L5m a week in pay. 

He added: "All the issues 
: raised by the NUM which led to 
1 their ballot on the code of con- ; 
duct and overtime ban are now 
dead. There is no credible rea- 
son for the overtime ban to con- 
itlnua.* 

The increase agreed between 
British Coal and UDM leaders 
has been calculated to reflect 
changes in the retail price in- 
dex as the second phase of a: 
two-year agreement It im- 
proves basic grade rates by be- 
tween £495 and £8.65 a week. 
The Coal board also agreed to 
consider other wage and condi- 
tions issues. 


More tangibly, it was clear 
that the decline in share values 
could have an effect on the abil- 
ity of companies to finance in- 
vestment 

The consensus was that it has 
become harder for companies 
to go for large-scale acquisi- 
tions financed with their own 
paper. Smaller, organic invest- 
ments, or even the modest "in- 
filling* type of acquisition, were 
thought unlikely to be affected 
by the problems in the financial 
markets over the near term. 

Both GKN and Hawker Sidde- 
ley, tor example, have been ac- 
quiring a number of small com- 
panies in the US recently - 
Hawker alone has taken over 20 
in the past 16 months. 

It has nsed cash to finance the 
programme, and has two further 
deals in the pipeline that have 
not so far been affected by the 
turbulence in the financial mar- 
kets. 

The two companies could be 
hit if there were a downturn in 
consumer demand that fed 
through into reduced car sales 
in the US. But GKN makes the 
point that its investment cycle 
tends to be a long one, not nec- 
essarily affected by short-term 
blips in the market 

The US economy emerges as 
one of the key issues for much 
of British industry. 

Lex, Page 26 


Sport paper 

BY RAYMOND SHODDY 

LORD STEVEN'S Express 
Newspaper group, owned by 
United Newspapers, is sever- 
ing its relationship with Mr 
David Sullivan's Sunday Sport 

the most down-market of all 
Britain's national newspapers, 
after only seven weeks. 

In September, United agreed 
to buy a 24.8 per cent stake in 
Mr Sullivan’s company, Apollo, 
for an an investment of around 
g*m la return, one of United's 
papers. The Star, got Mr Mi- 
chael Gabbert, former editor of 
Sunday Sport, as editor and the 
services of Mr Snlllvan as a 
marketing consultant Apollo 
was also to receive 0.5p per 
copy if the circulation of The 
Star rose above an agreed fig- 
ure. 

Mr Michael Gabbert greatly 
increased the nipple count in - 
and the criticism of - The Star, 
a tabloid daily and has left the 
paper. 

Sir Gordon Linacre, chief ex- 
ecutive of United Newspapers 
said simply yesterday: “We 
made a mistake..' 

United hopes Apollo will buy 
back the shares at the same 
price it paid, although the fi- 
nal financial details of the set- 
tlement have yet to be worked 
oat 


Ulster report calls 
for stronger law on 
job discrimination 

BY OUR NORTHERN IRELAND CORRESPONDENT 


THE FAIR Employment Agency 
in Northern Ireland should be 
replaced by a new organisation 
armed with wide-ranging pow- 
ers to tackle Job discrimination, 
according to a major official re- 
port published yesterday. 

The report - from the Stand- 
ing Advisory Commission on 
I Hu man Rights, which advises 
| the Northern Ireland Secretary' 
ion the adequacy of legal provi- 
sions against religious discrimi- 
nation in the province - advo- 
cates sweeping changes to 
(existing laws and practice. 

In particular, it urges legisla- 
tion to introduce a new declara- 
tion of practice on equality of 
opportunity to which all em- 
ployers would be asked to sub- 
scribe and which would be mon- 
itored by the new fair 
employment body. Other pro- 
posals contain elements of posi- 
tive discrimation. 

According to the findings. Ro- 
man Catholic men are more 
than twice as likely to be uem- 
p Joyed as Protestants. Wide- 
spread reforms arc necessary 
'as a matter of urgency* to deal 
wiLh inequality of opportunity 
in the workplace, it says. 

The report is being inter- 
preted as an attempt to per- 
suade the Government to adopt 
■a much more aggressive policy 
, towards fair employment in 


Northern Ireland. 

In a written parliamentary 
(answer Mr Tom King, the North- 
ern Ireland Secretary, wel- 
comed the report and said it 
would be of 'great value* to the 
Government in framing propos- 
als for new legislation ou fair 

employment. 

. Mr king said the Government 
had already taken action by 
publishing, in September, a re- 
vised guide to the effective 
practice of religious equality of 
oppponunity- 

The Commission felt a new 
body would enable a fresh ap- 
proach to be given to problems 
as the Fair Employment Agency 
had come under criticism from 
both communities, either tor 
not doing enough or for doing 
loo much. 

Mr Bob Cooper, chairman of 
the Agency and an ex-officio 
member of the Commission, 
said, however, that he did not 
feel the issue was central to the 
debate. 

T am not convinced that a 
fresh start would make much 
difference. Those who think we 
do either too much or not 
enough witl still retain those 
views.' 

Mr Seamus Mallon MP, the So- 
cial Democratic and Labour 
Party* deputy* leader, called ou 
the Government to act. 



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n 


t 


Holders of Russian bonds 
to gain 10% of face value 


UK NEWS 


Financial Times Friday October 30 198? 


BY RALPH ATOMS 

Of pre-revoluttott- 
Russian bonds, to the envy 
of most other shareholders, axe 

who submitted 
to the Government early 
£“21*®* stock issued before 
W17 and guaranteed 
ST»*u Russian Government, 
will be paid 10 per cent of their 


yesterday. Farther Instalments - 

up to at least SO per cent - axe 
promised in the future. 

.Tb® settlement is considera- 
bly hig her than the Government 
**pected when it announced 
uie arrangements in January. 
About 37,000 bond holders were 
festered with the Government 

when it last counted In 1861 but 
yesterday it said it had received 

only 3JH)0 valid bond claims. 

To the surprise of the Govern* 
went, many owners have disap* 


peered or decided their beads 
were worth more as collectors’ 
items. Individual cheques, 
which are being sent out today 
by Price Waterhouse, the ac- 
countancy firm acting on behalf 
of the Government, vary be- 
tween £1 and £5J)00. 

The money is to be paid from 
a ftrnd set aside for compensa- 
tion by the Soviet Union in July, 
1886 and now worth about £50m. 

The Government said 

ty claims, which 

£ 200 m. are proving more diffi- 
cult to assess. Civil servants are, 
however, trying to work out how 
to value such claims as those for 
a turn-of-tbe-century saw mill 
and a staffed parrot Mr Timo- 
thy Eggar, Under-secretary at 
the Foreign Office, said he 
hoped property elaims would 
be settled by 1988. 

The Government yesterday al- 


so announced «*«*»»» ■ deals 
which have been arranged with 
China, and Bulgaria- About 
£Z0m has been set aside to set- 
tle claims for assets lost d 
the- Chinese revolution 
about £lm for Bulgaria. 

The China arrangement will 
involve companies mainly, al- 
though the Government esti- 
mates about 890 individuals 
oould benefit The deal la likely 
to move even more complex 
than the Russian arrangements. 

The Bulgarian deal uses a 
simple schedule for different 
types of loan stock, it is being 
arranged through National 
Westminster Bank. 

Mr Eggar said the China and 
BulgariaaEreements mean com- 
pensation has been arranged 
for British citizens from almost 
all the Eastern bloc countries. 
Only East Germany remains 
outstanding. 


Institutions buy 
£3.96bn shares 
in June quarter 

By Ralph AUdns 

INVESTMENT IN ordinary 
shares by non-bank financial in- 
stitutions rose sharply to a re- 
cord level in the second quarter 
of 1887. 

Flames uublished yesterday 
by the Bank of England show 
building societies, pension 
fonds, unit trusts and other in- 
stitutions invested £3.96bn in 
UK shares in the three mouths 
to June, compared with £L39bn 
in the first quarter of 1887. 

The upswing is accounted for 
mainly by pension funds, which 
increased Investment in UK or- 
dinary shares from £414m in the 
first quarter to £2£5bn in the 
second. The funds cut overseas 
share purchases from £L65bn to 
£372»lnthe same periods. 

Unit trusts increased invest- 
ment in UK ordinary shares 
from £788m to £814m between 
the first and second quarters 
and cut purchases of overseas 
shares from £82Sm to a net dis- 
posal of £1 12m. 

The institutions made a net 
disposal of £406 m in British gov- 
ernment securities compared 
with £L13bu in the first quarter. 
Pension fonds disposed of 
£S33m while unit trusts made a 
net purchase of £26m. 

The total flow of fluids into 
the financial institutions in- 
creased by £lbn to £lft2bn 


Swindon company wins 
Electrolux chip contract 


BY DAVD THOMAS 

A SMALL British company is to 
help Electrolux of Sweden, the 
world’s biggest domestic appli- 
ance manufacturer, introduce a 
new generation of advanced- 
semiconductors into its prod- 
ucts. 

IMP Europe, based in Swin- 
don, is to define and develop 
semiconductors fbr Electrolux 
over five years. 

Mr Bo Wikstrom, director of 
Electrolux's electronic compo- 
nents arm, said Electrolux was 
keen to increase the electronic 
content of products such as 
freezers, dishwashers, mixers 
and vacuum cleaners. 

IMP Europe will be develop- 
ing custom-built chips, known 
as application specific integrat- 
ed circuits, for these product s' 
control units. 

Mr Wikstrom, who described 
the deal as very important for 
Electrolux, said that Its demand 


for the®® chins would run fate 
millions of units and produc- 
tion of some of than should 
start within the next year. 

IMP Europe will help choose 
the companies to make the 
chipa. Some of the demand will 
probably flow to its US affiliate, 

International Microelectronic 

l a California-based 
1 tutor maker. 

The Californian company 
holds 40 per cent of IMP Eu- 
rope, the rest being owned by 
the six British founders who re- 
turned from the US to the UK 
last year, and by some venture 
capital groups. 

Mr Wikstrom said Electrolux 
had considered all the main 
semiconductor suppliers before 
awarding the deal to IMP Eu- 
rope, partly because the compa- 
ny could respond flexibly to de- 
mand because of its small aise. 


Money supply growth up 


BY RALPH ATXMS 

THE BANK OF ENGLAND yes- 
terday confirmed its provision- 
al estimates for money supply 
growth in September. 

Final figures show the offi- 
cially-targeted narrow money 
aggregate. Ho, rose a seasonal- 
ly-adjusted 0 l 8 per cent after a 
0.3 per cent increase in August, 


taking the annual growth rate to 
&2pereent 

The Gover nme nt is operating 
a 2 per cent to 6 per cent target 

The broad money aggregate, 
MS, rose a seasonally-adjusted 
08 per cent in September tak- 
ing its annual growth rate to 
1&5 per cent 


BT calls in 
US group 
to advise on 
computers 

ByDwMlhoMMi 

BRITISH TELECOM has 
in NVnax. a large New York- 
based telephone company, to 
help it sort out the computer 


This is the first time that BT 
has used one of the large US 
Bell operating companies as a 
Itant for a key part of its 


BT believes that telephone 
administrations will act in- 
creasingly as advisers to each 
other in order to spread costs. 

Under the contract, worth 
about 64m (£&34mi Nynex will 
advise BT how to integrate its 
different network control 
systems into one computer- 
based system. 

BT said it could draw on Ny- 
nek's experience of having done 
this in new York. 

Nynex, which is keen to devel- 
op its operations outside the 
US, will also consider how BTs 
plan to computerise Its custom- 
er support services fits in with 
the its network system. 

Some ob server s have sug- 
gested that BT has Mien be- 
hind target in implementing its 
a mb i ti ons plans to computerise 
its local services. 

BT said that improving com- 
puter systems on its core net- 
work would have a beneficial 
r on quality of service, al- 

the Nynex contract was 

not centrally directed at BITS 
quality of service problems. 

Mr Dale Thomas, viccy-pnad- 
dent of marketing at Nynex In- 
ternational, said: This project 
with BT represents a key stop in 
our long-term strategic partner- 

Commnnlcations, 


Nick Bunker looks at the liability insurance problem 


score a 




its telex service from Novem- 
ber. 

said that its directly 
customers will be 
able to save IQ per cent to 18 per 
cent on telex charges to any 
countay. It is also launching a 
telex service for all users, 
whether or not they ate directly 
connected to Heronry. 


Machine tods 

OUR REPORT on Tuesday on 
the restructuring of the ma- 
chine tool industry stated that 
W E Sites was the UK's sole re- 
maining maker of gear-shaping 
machines. Parkson and Sander* 
land Machine Company of Shkj 
pley. West Yorkshire, has ashed 
ua to point out that it too makes 
such machines. 





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A SMALL victory wax scored on 
Wednesday night, fey the UK'S 
accountants and construction 
with 
plans for An 
inquiry into the- true size of 
tbeiruability insurance crisis. 

Mar k e d by shortages of cover 
and big price increases, it has 
been , a crisis felt most by the. 
"Big Eight* international ac-- 
countancy firms. 

■ IftePiwwiy rialwi rfap 

to 430m - which is essential be* 
cause of a business climate in 
which they are automatically 
sned if they have audited a com- 
whlch later went bust - 
. seen premiums jump 
from maybe. £Un in 1904 to JAm 
or more in 1987. . . 

It has also meant, for in- 
stance, that British firms of ar- 
chitects are now finding that in- 
surance premiums eat up on 
average perhaps 7 per cent of 
their foes, against 2 percent in 
IMS and 1 per cent in the 3860s. 

Hence a welcoming; if cen- 
ti on, respo ns e by the profes- 
sions yesterday-' to the Depart- 
ment of Ttade and Industry's, 
announcement. It has to be 
welcomed.' said Mr Ray Cecil, 
former chairman of the practice 
committee of the Royal Insti- 
tute of British Architects. "They 
have been turning such a stony 
face to the question for so long 
that we have to be pleased." 

Ironically, a concession that 
has required 18 months of lob- 
bying man the professions has 
appeared at the very time when 


appears 
lbr the time being. 

In foot, from about May or 
June year the Impact of 
three yean of steep premium 
increases for liability insurance- 
not teles began to fajiu f giontfl- . 
cant changes in the readiness of 
und er w r i ters .td insure the pro-* 
Cessions. 


some clasxesof professTonal in- 
demnity .fostuance could leave 
the traditional, commercial in- 
surance market altogether. 

The best known examples 
have been. Riba’s creation hx 
.1806-Of its own preferred insur- - 
apee scheme, which j* now 
porting treasonably well; ac- 
cdnUngto Mr Cecil , - 


A concession that has needed 18 
months' lobbying has appeared 
as the (This appears to be earing 


According to Ms Nancy-Lay- 
ton-Cooke, of Nelson, Herat & 
Harsh, a Lloyd’s insurance bro- 
ker, a big law firm could if 
pressed find £39m of liability 
insurance cover In London now, 
.while £80m could be easily 
She says, medlum-to- 
sized domestic British a©- 
countan cy firms are also "wait 
catered fbr,” though the Big 
Eight still have difficulties be- 
cause of their worldwide expo- 

TheRm^iv^miigiB 
the market are complex. Tim 
simple underwriting explana- 
tkm is that premium rates have 
risen to levels where in sur er s 


Another factor is that, initia- 
tives taken by the professions to 
arrange alternative means of 
financing their own risks have 
opened up the possibility that 


The, difficulty fbr the profes- 
sions is that the earing of the 
market is cyclical - and could 
give way to another round of ca- 
pacity shortages aqd price in- 
creases jnfim 1980s. 

It has not arisen from, any re- 
moval of thexoot Cannes of con- 
cent. Tbe Institute of Chartert- 
ed Accountants in England and 
Wales .points for instance, to 
’joint- andseveral liability” as 
the legal concept which has 
done most to increase claims 
against its members, because ft 
means they can be sued fer tile 
entire cost of a business failure 
even if they were only marginal- 
ly to blame. 

In turn, Wednesday night's 

announcement from the DTI 
that it was setting up three fect- 
fln^ing 'teams to the 

price and availabllito of liabili- 
ty insurance for selected jura-, 


ftesious was only a United re- 
sponse' to broad-based lobbying 
that reached a peak last ApriL 

. That, representatives of pro- 
fessions including solicitors, 
barristers, surveyors, architects 
-and consulting engineers unit- 
ed in urging the 111 to setup an 
inquiry into the issue across the 
wfcdte range of professions- 

What has made the issue so 
difficult - and perhaps contrib- 
uted to the Government's long 
delay in making a positive re- 
sponse to lobbying - is that the 
crisis has had complex roots, in 
changing social attitudes to the 
professions, in the evolution of 
tart law, and in the fluid finan- 
cial- dynamics of the insurance 
business. 

. The legal roots stretch back to 
the 1830s, which marked the be- 
ginning in -the UK of a process 
of rieady expansion in concepts 
.in: legal negligence 

What has made the issue par- 
ticularly intractable is that 
overlaying the evolution of the 
common law of negligence have 
bettor changes in the nature of 
risk Itself Architects and other 
construction industry groups 
are one of the clearest exam- 
ples. 

Given the complexity of big 
modern construction projects, 
faults can go unnoticed for 
years. According to Mr Cecil, it 
ls quite easy fora claim against 
an architect to take 10 years to 
emerge, and another 10 yean to 
be settled. 


Secrecy ‘vital to DTI probes’ 


BY RAYMOND HUGHES, LAW COURTS CORRESPONDENT 


DEPARTMENT of Trade in- 


insider dealing should not 
have to Viow tfaefrlHUMF to tim- 
eouts; the Law Lords .were told 
yesterday. 

Their investigation might be 
damaged if they had to give de- 
tails of evidence they had col- 
lected, said Mr John Hommeiy. \ 

*Once it comes out that the in- 
are interested in the 
.of a particular company* 
or the activities of a particular 
individual, there is n risk that 
they will seek to cover their 
tracks." 

If the inspectors said they 
needed information from some- 
one because it might help their 
investigation and preven t 
crime, the courts should trust 
them because they alone knew 
what was needed, he added. 

Mr Mummery was appearing 
Jbr two in spe cto r s - Mr John 
Lindsay QC and Mr Peter Cra- 
zier - who are trying to compel 
Mr Jeremy Warner, bnsueas 


correspondent of The Indepen- 
dent newspaper, to Identity the 
s ource s on which he based two 
articles on takeovers; ! 

The five Law Lads reserved 
on Mr Warner’s ap- 
against a Court of Appeal 
ruling in May that he had no 
reasonable excuse , under the 
1986 Flosndal Services Ad for 
not co-operating: .with the in- 
spectors. 

- Mr Warner contends he han a 
'professional right and obliga- 
tion as a journalist to keep his 
sources confidential. He claims 
he is protected by section 10 of 
the 1981 Contempt of Court Act 
which states that a court shall 
not require disclosure of a 
source unless it is necessary for 
tto prevention of crime. 

If Mr Warner loses his appeal 
and continues to reflue to co- 
operate with the inspectors he 
eonld be jailed or fined. . 

Mr Sydney Kentrfdge QC; for 
Mr Warner, had argued that the 
inspectors had not established 


by evidence that Ms Warner's 
information was necessary for 
the prevention of erime. 

■ mi- Mummery said 

ttetlSS^rioiao_ 

satisfy . the court, fry general 
terms, that they had good 
grounds for thinking that ‘Mr 
Warner's information was iiec- 
essaiy fbr their investigation. ;; 

Hie inspectors were investi- 
gating snoops-, criminal of- 
fences. They were appointed 
.because' of suspicions that civil 
servants in the Trade Depart- 
ment, Office of Fair Trading or 
Monopolies and Mergers Com- 
mission were leaking price-sen- 
-aitive information to one or 
more insider dealing rings. 

Mr Mummoy said: "If it is 
coming from the inside there is, 
.at the very least, a breach of du- 
ty on the part of Crown servants 
that may well constitute a crimi- 
nal offence under the Official 
Secrets Act" 


Claims move on 
mine subsidence 

By Maurfoe SUmuelson 

BRITISH COAL Is to be penal- 
ised if it delays settling claim* 
by thousands whose homes are 
l annually damaged by mining 
subsidence. 

Under a white paper, issued 
yestexdmr by the Energy Depart- 
ment, BC must pay home-own- 
ers an extra 10 per cent if re- 
pairs, costing op to £3,000, take 
longer than six months. 

This could put an extra bur- 
den on BC which pays about 
£90m a year for repairs. Howev- 
er, it is not expected to exceed 
savings through tighter control 
of repair spending. 

Mr Michael Spicer, Coal Min- 
ister, said the paper aimed to 
balance householders’ rights 
and the costs to the industry 
and taxpayers. It was a reply to 
tire 1984 Wad dilove Committee 
report which found shortcom- 
ings in earlier provisions. 

The Repair and Compensation 
System fir Coal Mining Subsi- 
dence Damage. HMSO. £5. 




, .... T*rte: 

■ z 4 ' m - • v?"* • 

S a ri t a ft d 



oil p 



tomMmlGHUffis 


At September 30 


Increase 



1987 

1986 

■ - 0/ 

/o 

Total Assets 

24,897.9 

20,747.5 

20.0 

Customers' deposits 

16,454.6 

12,758.9 

28.9 

Loans and discounts 

10,463.7 

7,977.8 

31.2 

Shareholders' equity 

1,145.9 

1,007.9 

13.7 . 

—per share (US dollars) 

Market capitalization 

12.1 

5,197.7 

10.8 

3,009.4 

12.0 

72.7 

Income before taxes, depreciation 
and provisions 

571.5 

499.4 

1 4.4 

Income before taxes 

231.8 

196.5 

17.9 

Net income 

161.5 

136.1 

18.6 

-Earnings per share (US dollars) 

* Interim Dividend will pay at October 3 1 

1.7 

0.37 

1.5 

0J29 

13.3 

28.0 

(US dollars in millions) 

Con verson rate: US S 1“ 121.941 Spanish pesetas 




□ 496,800 shareholders 

□ 1,623 offices in 23 countries. 



a 


Banco 

Santander 


If you would like a copy of the 1 987 Third Quarter please telephone or write to Ihe Manager. 

□ Banco Samarufer. 375 Park Avenue. . □ Banco Santander. lOMoorgaw. London :□ BancoSamamkr, International bivukm. 

. New York NY IO(S2-TelJ(21 2)826-435(1. E.C2R.ftLB,TeUDt-SU6 77G& CaMsUaiuu 75, 2HU46 Madrid. Spain. 1 158 1 3fi 00. 


*/' 






; £ 

: fe 

A “ 

.L E 









Fresh spirit of enterprise 
‘starts to enter economy’ 


UK NEWS 


Financial/ Times Friday October 30 1987 


BY CHARLES BATCHELOR 

£ N £;w .spirit of enterprise is 
making its mark on the econo- 
my, though its effects hare yet to 
snow in conventional economic 
data, and while there is still Ear 
to SO in transforming attitudes 
to wealth-creation enterprise 
has. been reborn and will not 
®asiiy be extinguished again, 
saw a study soon to be pub- 
lished by 3L 

-JJ® Britain in the 

iUSOs: Enterprise Reborn?, was 
commissioned by 3i, the invest- 
ment and venture-capital group 
ba^ed by the Bank of England 
and the leading clearing banks. 
It was made by Graham Ban- 
nock & Partners, a consultancy 
specialising In amall bust* 
nesses. 

The broader economic data 
on employment, investment lev- 
els and imports leaves room for 
doubt about whether anything 
has really changed to affect 
~ Britain's long-term growth pros- 
pects, the study concedes. 

However, changes in enter- 
prise - defined as new entrepre- 
neurial activity such as diversi- 
fication and innovation in 
products, processes and organi- 
sations - is not reflected even in 
the medium term by such data 
and may not be capable of mea- 
surement atalL 

It is possible for gross domes- 
tic product or employment to be 
declining while massive benefi- 
cial change is occurring in par- 
ticular sectors and places 
which will only show in macro- 


economic data after a decade or 
more, the study says. 

Information about the older, 
decl in i ng industries is more 
complete and more easily inter- 
preted than that on the new in- 
dustries which tend to be bur- 
ied under the labels ‘other 
services’ and *not elsewhere 
classified ' 

The study presents evidence 
of change which include: 

• A resurgence in creation of 
small companies and a rise in 
the number of failures as peo- 
ple take more risks. The num- 
ber of surviving companies on 
register has risen strongly since 
the 1960s to about lm, though 
probably only 350,000 are trad- 
ing. The number of self-em- 
ployed in small business has 
been rising. 

The best conditions for self- 
reinforcing growth appear to be 
where there are many small- 
and medium-sized firms. A big 
pool increases the chance that a 
few will grow to substantial size 
and st i mulates the combination 
of technologies from different 
fields in new ways. 

• A small but significant de- 
cline in the share of the 100 lar- 
gest private-sector enterprises 
in manufacturing output in 1884 
after rises to the late-18605 and 
stability through the 1970s and 
early- 1980s. 

• A leap in the number of man- 
agement buyouts, which were 
almost unbiown before the 
mid-1970s. 


• A rapid rise in new stock- 
market listings of companies 
and creation of the Unlisted Se- 
curities Market and the Third 
Market 

• -A spectacular increase in the 
number of venture-capital com- 
panies since 1979 to a current 
total of nearly 13ft Many of the 
companies to receive venture- 
capital or to float are in ad- 
vanced sectors of manufactur- 
ing which are substituting for 
lower-value products. 

• A change in social attitudes 
as shown by the growing popu- 
larity of a career in commerce 
and Industry and the growing 
fashion for storting one's own 
business. 

• A growth in the numbers of 
books and magazines on com- 
mercial subjects. 

• The emergence and growing 
strength of organisations to rep- 
resent small business; the grow- 
ing number of small business 
competitions; sponsorship of 
business-promotion by big com- 
panies and local authorities; 
and growth in the number of lo- 
cal enterprise agencies. 

The study says: "Many of these 
changes are not restricted to 
Britain. They are to a greater or 
lesser extent to be found else- 
where. But Britain, which led 
the Industrial Revolution, also 
suffered most Grom the accumu- 
lated consequences of that lead 
and may be throwing off some of 
these first” 


Crime rate 
increase 
losing . 
momentum 

RnaneM Times Raportar 

AFALLiu the pace of toe ris- 
ing crime rate was shown by 
government figures released, 
yesterday. 

The number of offences re- 
ported to police In the first 
eight months of this yen was 
L5 per cent higher than the 
sanw period last year,said Mr' 
John Mien, Home Office Min- 
ister. 

. The 1988 figure had been an 
increase of 6 per cent on the 
number of reported offences in 
the first eight months of 1985. 

During toe past n years, the 

average annual increase in the 

crime rate has been 6 per cent 

a year. 

Seven police forces, includ- 
ing the Metropolitan, said 
there was an overall fall In the 
crime rate from last year’s fig- 
ures. 

In L o ndon, report e d crimes 
fell from 573,000 to 544^00 In 
the first nine months but vio- 
lence against the person in- 
creased by 5 per cent. 

Mr Fatten colled the change ■ 
in figures this year "consider- 
able/ 

He said; *Good policing and a 
realisation fay the public of the 
importance of crime preven- 
tion canid be having an effect 
on crime against property - and 
97 per cent of crime is against 
property/ 


Hazel Duffy looks at the shadow cast over next week’s CBI conference 


NEARLY TWO weeks of gyrat- 
tog stock markets have cast a 
shadow over the annual confer- 
ence of the Confederation of 
British Industry being held in 
Glasgow on Monday and Tues- 
day. 

I Until Black Monday, every- 
[ thing in the garden had seemed 
(lovely, industrial production 

B US back at its 1970 level, pro- 
activity was .up, profits were 
on a sharply rising trend and. 
CBI. membership was Increas- 
ing. Glasgow 1987, with its Proj- 
ect Excellence theme, was to 
have been one of the year’s hap- 
pier occasions. 

F undam entall y , nothing 
changed. That at least is the 
point that the CBI keeps making 
in an effort to restore c»im Ex- 
cept, of course, that a vital 
source of finance for companies 
has been cut off. 

Meanwhile, Instability is the 
securities markets is a remind- 
er to companies that few can. co- 
coon themselves' from what fa 
happening elsewhere in the 
world economy, especially in 
toe US. 

Mr John Basham, addressing 
his first conference as CBI di- 
rector-general, will seek to turn 
recent events into an opportuni- 


dustry had to weather in the 
early 1980s. If interest rates 
keep coming down, as they 
ought to and need to, that will 
be good news. It is the cost of 
money which is so serious. 

■But if this recent shock in the 
marke t s - it is not a collapse - 
serves to remind us that we 


Jehu Basham: this fa no time far 
mood of complacency 

have a long way still to go, that 
this fa no time for complacency 
and that there is a major invest- 
ment gap to British Industry, it 
will have done no ham” 

Mr Barham wants to get two 
main messages overin Glasgow. 
The first Is that British business 
is to a much healthier state than 
for a long time. 

"Things have really turned 
around without the great Brit- 
ish public realising it There 
has been a transformation since 
the be ginning of I960, - when I 
was last going around business. 1 ' 
Mr Bonham then went on to 
head the Audit Commission, the 
watchdog on local government 
spending,- before joining the 
CBI last spring. 

"It is there in the quality of 
management, far better working . 


practices^JUgher leveto of In- 
vestment -This fa why ’excel- 
fence’ was chosen as the theme 
fee . the conference: excellence 
fa not an aspiration but a reality 
in many companies/ 

■ The second message fa that 
this new confidence needs to be 
transposed into business doing 
more to help Itself Mr Bonham 
'will point to the need for com- 
panies- to invest more to train- 
ing, in the inner cities and to get 
more involved in education. 
These topics will be expanded 
oh during the Glasgow debates. - 

„ The big task for Mr Banham fa 
to urge business leaders to 
draw by their actions that they 
are prepared to take on wider 

responsibilities. TOO often, the 

CBI has cast itself to the role of 
pleading, which has sometimes 
sounded like whining. 

. However, CBI leaders will al- 
ro be hammering home the mes- 
sage that, if industry is to main- 
tain its growing international 
competitiveness, it needs more 
help from the Government. 

Sir Trevor Holdsworth, chair- 
man of GKN and the next presi- 
dent of the CBI, who was last 
year appointed to head a work- 
ing party on Industrial st rategy 
will make the opening speech to 
the debate on Tuesday morning. 

The level of interest rates is 
critical for Its members, says 
the CBI. ”We eannot save our 
way to prosperity. We have to 
invest Industry has done a 
great job to reducing costs. Now 
the need fa to add value through 
investment But bow can you ex- 
pect business to Invest wh&n in- ' 
terest rates are as much as eight 


percentage points ipgher than 
some' .countries mi the Conti- 
nent, and to terms of return on 
assets, it is so much less profit- 
able than elsewhere?’ asks Hr 
Banham. 

On exchange rates, toe other 
key factor determining competi- 
tiveness, the CBI is relaxed that 
while Britain has not joined the 
exchange rate mechanism of 
the EMS.it is very nearly there 
In reality. Its plea iuu always 
been for stability in exchange 
rates, not depreciation of ster- 


Other "competitive handi- 
caps” which he will be poshing 
hard on concern public spend- 
ing. "If money fa being washed 
down the drain in Camdoi, it is 
not available elsewhere,” he 
.says. Electricity prices am high 
relative to continental competi- 
tors and The £2bn rates harden 

that has been put on industry to 
the last few years”. 

The CBI is lobbying against 
the Government’s proposed irate 
reform, the Poll Tax, partlcilar- 
ly the uniform business 
rate.Tbese are campaigns' on 
which the CBI can cany all its 
members. 

Potentially divisive issues do 
not get aired in conference. A 
handful of resolutions has beei 
submitted for ballot on the tint 
day which, if they get through, 
could cause a bit of a stir. Bui 
Mr Banham looks set for a 
smooth ride. 

If only the markets bad not 
behaved as inconsiderately as 
they have, Glasgow could have 
been that celebration of excel- 
lence that the CBI had planned. 


INVESTORS IN INDUSTRY GROUP PLC. 91 WATERLOO ROAD. LONDON SEI 8XP. TELEPHONE: 01 928 7822. 


y\t £ 163 million , it marks one of the largest 
British management buy-outs to date. It also 
nicely exemplifies the way we've always seen 
ourselves : as businessmen more than bankers. 
With an ability to act swiftly yet surely in 
order to secure the confidence of manage- 
ment and vendor alike. Besides leading the 
deal, though , we helped underwrite it, both 
the equity and *mezzanine' loan elements. 
Here our independent status enabled us to 
work directly with all the major investors 
and bankers, so further ensuring the buy-out 
a safe and smooth passage. Feel free to phone 
us at 3i in the City (01-928 7 822). Ask for 
Rodney Hall , Eric Barton or Brton-Larcombe. 
,4j Compass can vouch, we-havejthe expert-- 
ence to cater for any management buy-out. 






5 ® 


<&- 




Und« n " ,r,tin 0 


Ion ^ 














Skill shortages ‘could 
retard NW development’ 

BY IAN HAMILTON FAZEY, NORTHERN CORRESPONDENT 


ftKii.r. B HOBTAGBS could re- 
tard development in north-west 
-England if they continue at 
present levels, Manchester 
•Chamber of Commerce and In- 
dustry 3ay& in its quarterly sur- 
vey of business confidence. 

.North-western business is 
represented widely by two re- 
gional chambers, Manehaaton 
and Merseyside. Merseyside’s 
third-quarter survey, also pub- 
lished this week, reports simi- 
lar difficulty to recruitment 
with 25 per cent of companies 
having problems. 

In the Manchester region 
there was no problem in finding 
unskilled or semi-skilled manu- 
al workers. The problem was 
with skilled manual labour 
where 40 percent of companies 
found difficulty. 

None the less both chambers 
'continued to report high levels 
. xtf confidence although tire dis- 

Uetween-the -two ^nato^tobaii 
c en tres was again apparent 

In and around Manchester, 
where the economic base is 
much broader timnon Mersey- 
side, companies were more, 
bullish, with 90 per cent expect- 
tog Improved tur n o ver and 85 
per cent forecasting better prof- 
its. The figures far Merseyside 


were 07 per cent and 64 per cent 
respectively. 

More Manchester region busi- 
nesses - 45 per cfent - had re- 
vised Investment plans upwards 
while plans renamed un- 
changed for the remaining 55 
per cent OnMersejside, 30 per 
cent had accelerated invest- 
ment, 64 per cent were keeping 
plans the same but 6 per cent 
were revising downwards. 

Home and export orders were 
(to for most Manchester busi- 
nesses. By contrast 45 per cent 
of Merseyside companies re- 
ported more home orders bat 
only 20 per cent had more ex- 
ports to report 

However, Merseyside capaci- 
ty is being used more folly than 
at any time since before the re- 
cession although 27 percent of 
businesses are still at «n]y 80 
per cent to 80 per cent an) 3 per 
<ept. are- .stffi working A less 
than 00. per cent capacity. In 
Manchester all but 8 per cant of 
companies are at more thin 70 
percent \ 

In spite of the level of Opti- 
mism the Manchester chamber 
says confidence on turnfaer 
and profitability has declined 
since March and it remains to 
be seen what effect the recent 
stock market fall will have. 



THAILAND 



INVESTMENT OPPORTUNITIES IN AGRO-BASED INDUSTRIES 
I INVESTORS' FORUM, BANGKOK. 10-12 NOVEMBER 1987 

45 investment projects sponsored by private industrial firms in Thailand will 
I be discussed at the UNIDO investor’ Forum at the Asia Hotel from 10-12 
November 1987. The products covered include canned Uopical fruits, fruit 
jukes, cashew nuts, sesame oil. soyabean meaL frozen shrimps, cocoa 
butter. Sorbitol and modified starch from cassava, frozen chicken dinners, 
animal feed additives, protein concentrate, furniture, last and rubber 
products, herbal medicines. 

Individual business meetings between each Thai sponsor 'and potential 
foreign partners wffl be arranged a the Forum. There will be a continuing 
follow-up programme of promotion, for details Project Profiles and 
information on the Investors’ Forum please contact: 


United Industrial 
Development Organisation 
Industrial Investment 
DMdon 
P.a Box 300, 
Ai-1400 Vienna 
Austria 

Tet 263115015 or 4812 
Telex: 135612 
Fax: 232 156 


TbaSaad Management 
Development \ 
and Productivit y Cento: 
Ministry of Industry 
Rama 6 Road 
Bangkok 10400 
TbaSand 
Tet 245 7989 

Trier 20562 DEPIP RO TH 
Fax: 66-2-245 7909 


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INVESTORS IN INDUSTRY 


i* I 






m\ 


financial Times Friday October 30 N87 


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UK NEWS 




N Ireland 
jobless total 
set to start 
rising again 


ill ill H l i K 




dark days of plsmg- 




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lag a«Ua in *fito of aa Jae 
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Water authorities’ body 
urges swift privatisation 


BY RALPH ATKMS 

THE WATER industry should 
be privatised as quickly as not- 
stole, the Water AuthoritiesfAs- 
sociatios told the Government 
yesterday. 

Replying to the Government 
consultation paper on water 
published in July, the associa- 
tion warns that prolonged un- 
certainty about privatisation 
would be bad for the i nd u str y. 
However, it accepts "In princi- 
ple" the ' controversial plan to 
establish* National Riven Au- 
thority a*, a regulatory body. 

The reply was written before 
the recent slump in world stock 
markets, -but • • Ik© association 
says -Its views have not been 
changed. fgx Michael Carney, 
secretary of the association, 
pM the crash was irrelevant 
because it would be at least two 
years before any sale was 
laughed. 

H tr ' said -• privatisation-- . had 
been under consideration by 
the- * Gover nm ent - since -49B5L-- 
jattafcsart of delay ishad for any 
industry. The ffedling thitft is? 
shared hy.aU authorities target 
omwith it\* he said. 

The report papers over differ- 
efaces between the 10 water au- 
thorities in Wiigijmri and Wales 
fort comprise foe association. 


The association does not object 
to a national rivers authority. to 
regulate -the water authorities, 
it says, but detects confizston 
over the role government in- 
tends itto play. 

Earlier n>«* mwitii, Thames 
Water, the biggest and most 
profitable of the authorities, 
said the Government should 
shelve its plans for privatisa- 
tion imiiwi modifications were 
made. Thame* objected to set- 
ting up a state-managed quango 
with water management powers 
as well as regulatory controls. 

The report published yester- 
day says it is not clear whether 
a NRA would simply regulate 
the water industry, or art as a 
managing and operating author- 
ity in its own right It sayi the 
Government should clarify its 
Intentions- 

If. the NRA. is to be given a 
»n»nnpi>pi>nt jole, the. associa- 
tions says, it should either have 
p o w ers to. license the anfoori- 
nekorahouM be'gtvedlthoirtgff 

Priootfootsdn rtd .rcpdqtiaB; 
safeguarding the public interest to 
O private water industry. Water 
Authorities A s so ci a ti on. 1 Queen 
Aitne Gate , London, SW1B BBT. 
Fnx(SAE). 


MoD ‘very happy’ with 
cheap US Polaris spares 


-PVQAViD BUCHAN 

THE DEFENCE MINISTRY 
said yesterday it had been very 
happy with its g12m (Btn 0 pur- 
chase of Polaris missile spares, 
which according to a US Navy 
internal audit had been down- 
rated in condition before being 
sold cheaply in 1982-8*. 

He MoD described the pur- 
chase as "a costeffecttve and 
satisfactory proc urem ent op- 
tion." 

Although the terms under 
which the US sold the spares 
were very favourable, the US 
would have-had no other use for 
the equipment once it stopped 
using Polaris in the early 1980s 
leaving the US with the world’s 
onhr Polaris force. 

The condition of the spares 
had been Officially downgraded 
before they were sold to foe UK 


at about one-tenth of their facer 
value, according to a US Navy 
audit- The inference Is that eJh* 
ther the UK had been cheated 
technically or the US had been 
cheated finan c iall y. 

It was clear ye st erday that the 
MoD did not regard itself as 
having received sub-standard 
weapons, bat rather a financial 
bargain of benefit to both coun- 
tries since the US had no other 
market for redundant Polaris 
missiles. 

The MoD pointed out that, 
whatever the current misgivings 
of US Navy, auditors, the M8m 
price was rtipulated inthe deal 
and could not be changed. 

At a press briefing last week, 
officials atCoulport unclear de- 
pot described the purchase as 
"rt summer sale prices." . 


Debt judgments rise 25% 


. BY HUGO DIXON 

THE NUMBER of County Court 
judgments concerning consum- 
er debts in the third quarter of 
this year was 25 per cent higher 
thaw in foe same period of 1988. 

However, foe Registry Trust, 
which keeps * register of the 
judgments, said the increase 
could be explained by in*’ 
prosed systems for recording 


judgments rather than rising 
consumerdebt problems. 

In the third quarter, 2 06318 
consumer debt judgments were 
registered, up Grom 168397 in 
the third quarter of 1988. There 
was a smaller increase in com- 
mercial debt judgments, from 
37,484 to 41»TLL 


‘Mon cLer DeLroain, if your cognac VmattireJ 
m Jamac. wky not <*11 it Jamac?” 

“Tf -w^nM only attract tourists, mon ami. 



Pale & Dry Oande Champagne Cogna c matu red 
for a generation ty the ancient Delamain ^ -.^v ■ • 
fami&ofJarnac. . . . 

R>orles connoisseurs, out. Pour les-^xtfSNACV 
touristes»non. . 

CamIc CtMfuswCapnc. 


IK2jbi[!3H 



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lar'i.T^ 1 r 


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MB 

■ Ivi. T .OTff.lffli. 1 , Ml I ” 


[: " !< ’. l i v li f .1: ft * 

It'ilniU.i'iM 


Welsh tourism ‘needs improved standards and value for money’ 


NY ANTHONY M08ET0N, WELSH CORRESPONDB4T 
IF WAXES is to win an Increas- tended as a signpost for the 
ing share of the growing must- 1960s. By then, tourism is pro- 
ber of holidaymakers it needs to dieted to bring in £L5bne year, 
improve standards and rive bet- The document that 

ter value for money, according tourism contributed £98Sm to 
to a report published yesterday foe economy in 1988 and by 1992 
by the Wales Tourist Board. sta y i ng tourists alone could ac- 

The report. Tourism in Wales: count for £90Qm. Day visitors 
Developing the Potential, is the are thought to have spent £300m 
first overview of the fature pro- three years ago, the latest esti- 
dueed by the board and Is In- mate available. 


Wales has about 9 per cent of 
domestic tourism ana a small - 3 
per cent - but growing share of 


Most visitors go to seaside re- 
sorts and caravan parks and the 
■country suffers from over-reli- 
ance on low-income generating, 
self-ca t e rin g accommoda ti o n . 

The draft report, which is be- 
ing sent to about 80 organisa- 


tions in Wales for comment, sug- 
gests that to capitalise on, and 
attract, more holidaymakers 
there should be better qualify 
and value for money, the best of 
the tourist centres should be 
improved and new markets 
should be captured through the 
development of different facili- 
ties. 

It is suggested that more holi- 


daymakers could be encom> 
aged through an expansion of 
activity breaks. 

For any plan to succeed, 
though, it is essential that ac- 
cess to the holiday spots Is im- 
proved through improved roads. 

Tourism in Wales: De oet optnp 
the Potential. Wales Tot mrt 
Board, Brunei House, CwnBffCFB 
1UY.£5. 



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‘V- 












BUSINESS LAW 


• v ' : Financial Tim&:FridayOctober30T987 

UK ECONOMIC INDICATORS^ 


The one share-one vote controversy 


2SS» ( S!? 0I ?£ hare ’ one wote: 

uwen from political democracy 
“Jf* *“* » magical appeal A 
J««em paper using a mathemat- 
}£* appears to prove 

u, u l epe ** a whd economic 
basis fer this appeaL* Profes- 
wrs Grosman and Bart show 
that usually when a company is 
capitaBsed Tor thenrat 
time tor public ownership, the 
optimum choice of common 
shares for the owners of the 
business would be one class 
wiUi one vote for each share. 
This la the choice that would 
usually assure the owners of the 
business of a maximum price 
from their sale of shares to the 
public. 

When large private benefits 
can be derived from control, the 
Grossman and Hart model pro- 
vides tor (and explains) an ex- 
ception to this general rule. In 
that situation, the original own- 
ers of the business may prefer 
to accept a lower price and sell 
common shares to the public 
which have lesser voting rights 
t h an the shares they retain. Giv- 
en sufficient discount or a 
higher dividend on the low vote 
shares, there is room for both 
sides to make a good bargain. 

Family-owned newspapers 
provide an Interesting current 
example. The owners may re- 
gard the paper as a means of 
furthering their political phi- 
losophy and desire for public 
service as well as a source of 
profit. The paper may also pro- 
ride congenial employment for 
family members. The owners, 
may, therefore, be willing to 


By Leo Herzel and Daniel Harris 


sacrifice some economic return 
to assure their continued con- 
trol In the US, the New York 
Times, Washington Post and the 
Wall Street Journal come to 
mind. All of them are family 
controlled and have or have re- 
cently proposed classes of com- 
mon stock with different vot- 
ing.* 

What is so puzzling is why we 
need legal rules to protect the 
one share, one vote idea. In a 
free market, any voting arrange, 
ment that shareholders agree to 
should be all right That Is the 
way the market tor debt securi- 
ties works. 

This is. In fact, the conclusion 
reached by English and US 
company law after years of evo- 
lution. In early common law, 

shareholders had one vote re- 
gardless of the number of 
shares they owned. Later stat- 
utes required one vote for each 
share. Now in England and in 
every US state except Missouri 
and Nebraska, there are no im- 
portant statutory restrictions, on 
the Issue of common shares 
with different voting rights. Un- 
til some recent statutory and 
SEC regulatory proposals, fed- 
eral law in the US has never 
dealt with this issue. Except tor 
disclosure requirements, voting 
rights have been left to the 
states. 

The New York Stock Ex- 
change (NYSE), however, has 
had a one share, one vote rule 
for a long time.13 The London 
Stock Exchange has tor some 
time enforced a similar rule for 
new listings. The rule has been 


justified as protecting share- 
holders, but it also serves the 
interests of the stockbrokers 
who control the Exchange in 
more changes in control and 
hence more brokerage commis- 
sions. 

In the past few years, there 
has been pressure on the NYSE 
to change its rale. General Mo- 
tors Corporation. Dow Jones 
(Wall Street Journal). Herahey 
Foods, General Cinema and sev- 
eral other NYSE-listed -compa-, 
nies announced the issuance of 
common sharees with different 
voting rights. The NYSE, reluc- 
tant to delist these important 
companies, imposed a moratori- 
um on compliance with its rule 
and created a committee to 
study the problem. Since the 
moratorium, at least 46 NYSE- 
listed companies have taken 
similar steps. 

In September 1986 the NYSE, 
reluctantly bending to competi- 
tive pressures, submitted to the 
Securities Exchange Commis- 
sion. (SEC) .its proposal to modi- 
fy the one share, one vote rule4 
The proposal would permit list- 
ing of classes of common shares 
with different voting rights but 
only if the plan was approved 
first by a majority of the issuer's 
independent directors and its 
shareholders. There would, 
however, be some exceptions 
from these approval require- 
ments where the voting rights of 
shareholders are not 

diluted. 

In response, the SEC pro- 
posed its own rule for all ex- 
changes and the over-the-count- 


er market^# The proposed SEC 
rule, however, is not really a 
one share, one vote rale; it Is 
designed to protect the voting 
rights of existing common 
shareholders. Public compa- 
nies are prohibited from is- 
suing any class of securities or 
taking other action that "would 
have file effect of nullifying, re- 
stricting or disparately reduc- 
ing the per share voting rights 
of holders of an outs tanding 
class or classes of common 
stock.' 

Meanwhile, one share, one 
vote legislation (The DingeD- 
Markey Bill) has been intro- 
duced in Congress to make It 11- 


of the 'Issuer’s voting securities 
or any class of such voting secu- 
rities has fewer or greater than 
one vote per share on any issuer 
or if "any of such issuer’s com- 
mon stock is without voting 
rights".** 

The SEC proposal is much 
less restrictive than the Din- 
gell-Marfcey bllL Still if the 
SEC rule had been in effect, it 
would not have allowed most of 
the recapitalisations that are 
subject to the NYSE moratori- 
um. Moreover, the rale would 
probably preempt the Indiana 
antitakeover statute that the US 
Supreme Court held constitu- 
tional in CTS v Dynamics Corpo- 
ration qf America since that stat- 
ute takes away the voting rights 
of large shareholders until they 
obtain the approval of other 


State corporate law already 
protects shareholders from un- 


fair dilution of their voting 
rights and from breach of fidu- 
ciary duty fay control groups. 
Changes In voting rules require 
prior shareholder, approval 
Moreover. It has become 'cus- 
tomary fop companies rioBg in g 1 

their voting rales to obtain the 
ap p ro v al of a majority of the 
stockholders who are not affili- 
ated with the control- group. 
Why does the SEC not regard 
these safeguards as sufficient? : 
- First, there is the argument 
that the- right to vote does' not 
adequately protect the right to 
vote. Individual public shared 
holders, quite rationally, do not 
consider their 'votes suffiently 
important to take time or trou- 
ble with them. Moreover. , the 
SEC believes that shareholders’ 
decisions to trade voting stock 
for higher dividend non-voting 
stock, after a plan is approved, 
are due to subtle economic co- 
ercion rather than free choice: 

There is, however, an alterna- 
tive explanation why sharehold- 
ers approve these proposals. 
According to .two recent SEC 
empirical studies, firms that re- 
capitalise with high and low 
vote common shares have much 
high er insider holdings than 
other companies. . In 'other 
words, families already- have 
control of these companies and 
they would like to stay in. con- 
trol but allow restive members 
of the family to cash out ■ . 

Public shareholders in these 
companies may be quite 
pleased with the way the con- 
trolling family runs the busi- 
ness. To begin with, although 


we cannot be sure of the expec- < 
tations of the public sharehold- 
ers, they did not know how the. 
company was controlled when 
they bought titeir shares: Ahd, . 
according to the SEC .studies, 
firms that recapitaliserahow, on 
the average, statistically signifi- 
cant superior performance over 
market averages in the year be- 
fore the recapitalisatians. Fur- 
thermore, .the SEC. study also 
found that the prices oftbe com-, 
mon- shares -of companies an- 
nouncing these voting plans in- 
creased significantly when 
measured from 20 days before, 
the announcement date to 20 
days after. There was little or 
no immediate - market reaction 
tn the ann o uncem e nt. 

In summary the proposed SBC 
rale, with some liberalisation 
for companies with large ftuniiy 
holdings, may not be bad. But, 
considering our present state of 
knowledge, nolegal restrictions 
at all probably would be a bet- 
ter policy. 

The au t h ors anrpartnen m the. 
Chicago lata office qf Mayer; 
BrownandPlatL 


4 8w S ccarltLo JBwhaeia Act Release 

no. amt (October rr, use, si pjl S73ML 
H FnpMd Hale Ue-4, SBC Batauo No. 

Mourn 0tne as, IBS?) 

- reader Offer R*#mn Art of 1887, HJL 
5SU72 (The DincrU-Nxrtar BUD. 

4 187 set us? assn. 


ECONOMIC ACmr 
! output 0980- 1 Q 0 J; 
aa&=H»fc retail sal 
nut school leavers) ai 


. IMS - 

1 st qtr. 
2nd ter. 
3rd qtr- 

1st qtr.' 
2nd. qtr. 
February 
March ... . 

JAne . 
July 

Aug . 


OUmte-By market 

ate gomig frvwteff iwh 

a«ex \ 

Coanwr V’luwst 

goods . goods 

irt* "... 

Istfltr.” - " H33 * 1 WL4 

2nd qtr. UU ML? 

3rd qtr. ISM HL7 

4tbqtr. 1QK4 lO&i 


ft during 
f volume 
Kexclud- 
usted. 


.sa-.. 

nutr ; 
output - 

E&~ 

Retail 
. *aL ■ 

BetaB 

nuae 

UMflK 

played 

Vacs. 

199* 

is&s 

97 

119* 

14a*. 

3J71 

198* 

MS* 

UU 

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154* 

2*M 

175* 

111* 

M&2 

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123.7 

-15*7 

2*42 

284* 

1112 ■ 

UU 

25 - 

12BA 

194* 

2441 

213* 

il*2. 

187.7 

54 

USA 

157* 

3*73 

2144 

' 111* 

199.7 

92 ' 

128* 

1CU 

2AS5 

2841 

: 112.7 

Mft* 

■;,--a$r - 

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154* 

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247.1 

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ua.7 

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USA 

157* 

3*4S 

.2148 

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148* 

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189* 

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234* 

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. 122* 

17*5 

2*32 

227A 


9 r 


Intonwdi- 


lst qtr. 
2 nd qtr 
January 
'February 
March . 

fig* 

June 

July 

Aug- ... . 


EXTERNAL TBADE-Indicea of i 
■Me: balance: current balance 
(UBDalOQk official reserves. 


(000s, monthly sver- 

- Tumc flame. 

etc. starts* 

102.1 14J 

IMA ISA 

M3* 144 

104.7 ISA 

17 * 
ISA 
12.7 
ISA 
28* 
18.1 
104* Z0l« 

1 S 4 A Ml 

186* 26* 

- 16A 


■mm 


• SanRrrd A OraHtaw'snd Oltter D.Bu< 
M BurOk iota and (be Market tor 


Cca por ate Control, unpn hl teh crl n8S7> 

'4 Tbc Petr Jones racapttalteatiod prompt- 
ed shareholder litigation which was set- 
tled. See Bmhta o Blncnrft JM-23SU (NY 
,Sa,. CL Suffolk County lflefi. 

□ NewVocfe Stock EscbaaS*, Llstad Com- 


mss 
1st qtr.. 
2nd qtr. 
,3rd etr. 


iEumt-' Visible 
ootnxaa balance . 


117-5 UU -isn . 
121* 129-1 -1A68 

lets 139* -2*91 

USA 144* -4.72S 


1st qtr. 
2nd qtr- 
3rd qtr ' 
February 
March. . 
April 
May 
June 


and Import volume 0880^100); visi- 
oii balance (Em): terms of trade 

Current Oil Tens lUwiw 

' belantre balanee trade USVhn 

. +882 .+1*96 181* 18-75 

+146 +74S 102A 19A0 

*18 +821 1SU 22.43 

«t +7ss iea* 2i*z 


22*8 
27*4 
29*1 
34*8 
M4A 34*8 
«U 34*1 
34A8 
34*1 


FINANClAZrMonsy supply M0, HI and M3 (three months' growth at annual 
rate); bank sterling lending to private sector building societies' net inflow; 
-consumer -creditt; all seasonally adjusted. Clearing Bank base rate (end 
period): 


Elders IXL r it's 
more than twice the 
company it was a 


1st qtr. - 
2nd qtr 
February 
March - 

as? 

Jane 
July 
Aug. . 

Setf. 


HO - 

m 

Bank 

MS • fending 

BS 

Inflow 

PiniMr. 

creditt 

Base 

rate 

% 

•* 

% . Em 

. ca 

On 

% 

4.1 ' 

2L4 

19* 1 44*83 

2*26 

+855 

USD 

34 ; . 

25* 

27* +S*S5 
IS* +6*SS 

1*23 

+MA 

10*0 

-5*' 

as* 

AM 

+782 

1468 

7* 

IS* 

141 +16*16 

2*14 

+444 

use 

1* 

28* 

' 242 +4667 

MSS 

+9Q 

10*0 

5* 

247 

22* +8*57 

1*04 

+1*33 

408 

. 41. 

149 

17* +2*78. 

472 

+264 

11*0 

4| 

33* 

244 ‘ +2*82 

547 

+399 

10*9 

' 41 

249 

33* +1*71 

727 

+4M 

9A0 

5A 

37* 

32* +2,752 

521 

+264 

9*9 

4A 

348- 

»* +3*84 

556 

+329 

400 

7.7 

84A 

24* +4*82 

S47 

+228 

Ml 

74 

' 2 as 

21* +1*61 

667 


10*9 




and feels; 
mm ana 
831 =100); 


Sara- Batec Whmle. 

tag** maUt-* mate ■■ RFI- 


ReWterm* 
Foodr cadtr- 


.) - 




hr^rs $*3 hi ?MSC 


Net Income* 

Assets 

Market Capitalisation 


SA401.0 million up 121% 
$A 9.8 billion up 104% 
SA6.0 billion up 200% 


Elders IXL Limited 

Financial Highlights - years ended 30th June 


"Profit after tax, minority interests and preference dividends. 

Elders IXL has a consistent record of solid increases in 
revenue, net income, earnings per share and dividends. 
This year, results have again reached new heights. 

Elders IXL continues to implement its strategy 
for growth through its core businesses - Elders 
Brewing Group, Elders Agribusiness Group, Elders 
Finance Group and Elders Resources - and through 
the entrepreneurial management of its investments. 

Key developments during the year were: 

• The globalisation of the brewing business - by 
acquiring Courage Breweries (UK) and Carling 
O'Keefe Breweries (Canada) - now making 
Elders the sixth largest brewer in the world with 
Foster’s Lager fast becoming a global brand. 

• The progressive international expansion of 
other core businesses in Europe, North America 
and Asia. 

• A significant profit result by Elders Resources 
Limited. In its first full year of operation the 
company reported SA55 million profit after tax. 
Elders Resources has now attained a market 
capitalisation of over SA1 billion. 

• Elders IXLs success in raising $ Al,340 million in 
funds through convertible bond issues. Elders 
IXL further increased its equity base by 5A900 
million through a rights issue. . 


S A million 

1983 

1984 

1985 

1986 

1987 

Revenue 

S3,700 

$5,600 

$7,000 

$7,700 $10,600 

Profit before tax 

S75.5 

$86.7 

$133.5 

$236.8 

$613.9 

Net income 

$62.9 

$71.4 

$106.9 

$181.4 

$400^ 

Total assets 

$1498 

$2,438 

$2447 

$4,795 

$9,795 

Results per 
Ordinary Share 






Earnings 

14c 

16c 

24c 

36c 

56c 

Dividends 

7c 

9c 

. 12c 

• 14c 

18c 

Net asset backing 

$0.89 

SL09 

$1.21 

$L50 

- $2.60 


1st qtr. mi rat 143* !. 96A 96* 1*35 

2nd qtr. 184* * 125* 145.7 97* 98.7 1,714 

3rd qtr.. . 1S7A 129* . 148*. 97* 98* MM 

. J 'Hjytr- : c J* : 1 ®.±;v .JMM vv Jftfcv UK 

JWUKe..^ . 129 * -^Mg* . A 9 Mje MS* IASS 

V SV*? r* vISEirS iai* iam 

Jafinaiy- fsXA ^iSLl '1 «BJ- 199*' 5 1 * 6 * Mfl« 

Fobraaiy WL 2 129 * US* 188.4 190.7 1*91 

. March ; BIS 128 * 149.7 IMA . 180.7 1*39 

April 196 *' 128 *' 150 * 191 * ZOLA 1*54 

May. 196.1 128 * 151 * Ml* 1022 1*12 

. June . . 2 SS* 129.7 15 U 191 * MLS 1*29 

" July £ 92.1 129 * 151 * 141 * ISM 1*82 

AUS. 1 SIA 151 * M 2 J M 7 1*55 

Sept 1*53 

•Not seaaoaaltr adjusted 

. tWtjtchmMlBo ra ouBUoimtoi M lag, includ in g boateloiBi. 


NOTICE OF REDEMPTION 
.10 9m HoManel 


Credit Corporation 

U.S. $100,000,000 

Notes Due December 1, 1988 


NOTICE IS HEREBY GIVB« Ouh puruwittotlw provMono ert tho Fiscal and Paying Awmcy 
Agreement doted os ofOctobar I. IBM batwoen IBM Credit Corporation (the "Company'), 
and The Choee Montanan Bonk [National Association), (tne “Fiscal AgenT). the Company 
has electea lo exetclee Its option lo radtoem aH of the Compan/s 1 1« Nona due Oacwnbar 1. 


Elders IXL seeks real growth in profits to deliver high 
rewards for shareholders. Two recent developments, in 
accordance with these aims, are: 

• An innovative reconstruction proposal in which 
35% of the equity in Elders Brewing, Elders 
Agribusiness and Elders Finance Groups 

will be offered to the public. As part of the 
reconstruction, shareholders will have the choice 
of receiving either a capital repayment of S Al per 
share or a one-for-five bonus issue,- sub jea to 
shareholder and court approval. 

• The flotation of Elders Investments Limited — 
an entrepreneurial investment company based in 
Hong Kong. 

The 1986/87 performance provides Elders with 
a sound base for the future - a future in which the 
Elders group of companies can continue - !© grow 
bigger arid better than ever. • 


1989 (the -Notes') pursuant to paragraph 6 of 9*9 Notes, on DocomOo. 1. 1887 (the 
"Redemption Date! ai a ndampoon price of 101% of the principal amount thereof (the 
-Rodemplten 'Vice') 

On the Redemption Date, the Redemption Price wfll booome duo and payable on the 
Notes and will be paid upon prasen a uon and surrender of the Notes, together with an 
appurtenant coupons maturing subsequent to the Redemption Data, at the paying agencies 
Bated betas* On and after the Redemption Data. Interest on the Notee *HB coo ae to accrue. 

Coupons, which shall mature on. or shall hove matured prior to. the Redemption Dale. 
should also be presented and surrendered lor redemption at any of the MKwmg paying 
agendas: 

The Orate Manhattan Bank, HA. 

RO.BOSM0 

WOdgateKcmae, Coteatan Street 
. London EC2P 2HD. Ei«tand 

Chase Hanhadan Beak, Luxembourg, 8A. Cfaaec Ma nhtet a w Bank f S eritertand) 

Cote Dcutamn! ficyei a Grand Rue Posflacn 1C2 

CP30B Oententreaw » 

Lmtembourg, Luasmboutg 8827 Zurich, gwttxeri a nd 

Berdinr+tehcMB-und Ftankfwrter Bank Nedatfandee Ct ed teB n k, N.V 

10 Boctonheeaer Land a traoae I leren ot a cW 458 

FrartidutL AJdL 1, Wsst Gormny P O. Bos 941 

- . . Amatetdaai, The N adutenda 


28 Bauiewwl Ha u— ma nn 
Parts 75009. France 
Bo mp ie Qancrele da Luxembourg SJL 
21 Avenue Monterey 
Luxembourg. Luxemoourg 


Dated: October 30, 1987 


Banqua do Comnerce &A. 
Bi /52 Arc nut doe Ada 


«« CREDIT CORPORATION 
r The Chaae Manhattan B«k 
(National Aaaootethan) 
as Racer Agant 


FOR A COPY OF THE ANNUAL REPORT AND ACCOUNTS, PLEASE WRITE TO: 
DEWE ROGERSON LIMITED, 3 V 2 LONDON WALL BUILDINGS, 
LONDON WALL, LONDON EC2M 5SY UNTIED KINGDOM. 



Deutsche Stsdiungs- 
und Landesromanbank 
ponn/Berim 


DM 100 . 1300 . 00 a,— 

Floating Rate Notes — Schuldverschreibungen — 
Serie 223 1986/1998 

For the ifiree months 30th Oct. 1987 » 29th Jan. 1988 the notes w* 
carry an iraenest raft of 4.63% (Fiber less 0.10%) par annum with a 
coupon amount for DM .58.13 per DM 5.000,— note. 

The relevant interest payment ciata will be 1st Feb. 1988. 

Listing kt DuaseWorf and Frankfurt 

DSL Bank 

Deutsche SfaOtung*- und Landas ra n tobb ank 
KermetfyaQoe 82—70, 5300 Bona 2 - 

TeiepheM 0328/ 883-215 
Tskstoa 223324 DSL Bank 








>< t 
t '\ 

5 II 

*. 

i II 
3 S? I 

isv * 

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i. , * 

1 'St 1 2. 

n . *5 

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■Hi fi 
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*a ft; S' 
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:: 3 ftu *i 
£ 

:ls :;« 5' 


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-‘*V? 


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$:i\ 


Ena acted Times Friday October 30 1987 




e world’s fin 







kets in perspective. 


unprecedented decline in worldwide equity markets. 

The massive settoff was not caused by any c»ie particu- 
lar event, and there is no evidence that it was justified by 
the fundamentatvahies of the shares being sold. 

Buy, sell or hold? 

The worst thing to do right now would be to sell your 
equities at distressed prices. 

It’s crucial at this point to get your bearings in today’s 
totally new environment, and decide upon a rational and 
prudent course of action. 

It is also correct to say that this giant excess of selling 
has created a large number of bargains in very good 
shares. But before seeking them out it makes sense to 
take a good, careful lode around. Individual equity selec- 


What will happen next? 

Some historical perspective: One of the reasons for our 
optimism at Merrill Lynch is the magnitude of toededine 
we’ve just been through. Some of the worst declines in 


those that were followed by poor economic fundamen- 
tals recovered as much as 50% of the losses in subse- 
quent months. 

Merrill Lynch analysts believe toe extent and speed of 
the ultimate recovery depend on such economic funda- 


rale outlook, the degree of inflation and investor . 
psychology 

A better environment ahead. 

The fundamentals of toeU. S. economy may be called 
into question, but we believe that the world markets are 
overreacting to events. Also, we believe a broad-based 
economic decline will be avoided, even as the consumer 
becomes somewhat more cautious. 

It cannot be said too strongly or too often: However 
severe this shock has been, this is no time to sell. 

In fact it is time to take advantage of opportunities-to 
evaluate your holdings, and perhaps, restructure your 
portfolio. 

Exploring the opportunities. 

Restructuring your portfolio is at best a difficult under- 
taking. How you do it depends cm your goals and toler- 
ance for risk as well as on your current holdings and your 
tax situation. 

to addMon, at MemB Lynch, we believe that this is the 


As recent events have denkmstrated, today an investor 
must know not only what is happening at home but 
around toe world. 

It’s no time to go it alone. 

At times like these, it’s more important than ever to 
have continuing access to the kind of information and 
insight that can help you pursue toe opportunities that 
uncertainty creates. 

For our part, our Financial Consultants continue to 
offer reassurance of our financial strength, our proud tra- 
dition of trustworthiness and our leadership in providing 
professional guidance and service 
At Merrill Lynch, we remain confident in toe world’s 
financial markets, and in the underlying value of financial 
assets in this climate. 

We recognize that emotions run high during times like 
these However, it is critical that reason and objectivity 
prevail now more than even 
Wfeurge all investors to take no action out of fear, and 
to make careful and thoughtful decisions before taking 
anyaetign*&all 

Whltlv&^volati&y we'&e In toe days ahead, we are 
committed to demonstrate to you toe highest degree of 
professionalism and service \Afe urge you to take a long- 
term view and prepare yourself to participate in the 
opportunities we see ahead in the globed financial 
markets. 

For more information, contact any of our offices in toe 
following cities: 

EUROPE 

Amsterdam • Athens • Brussels • Duesseldorf • Frankfurt • 
Geneva • Hamburg • London* Lugano • Luxembourg • 
Madrid • Milan *Monte Carlo ‘Munich *P!aris *Rome • 
Stuttgart • Vienna • Zurich 

MIDDLE EAST 

Bahrain • Beirut • Dubai • Kuwait 
ASIA/BVCMC 

Hong Kong * Manila • Nagoya • Osaka • Singapore • Sydney 
•Tokyo 

AMERICAS 

Buenos Aires • Caracas • Miami • Montevideo • New York • 
Panama City • Santiago • Sao Paulo 


require a good aeai more alertness s 
professional advice than in the past. 




v , 1 * ■ 



Merrill Lynch 


©1987 Merrill Lynch Capital Markets 



nones or mdcwtion 


CIG International Capital Corporation 

<f0fnwrtir *** dm i9B8) 

WPTtCE B HEREBY GIVEN 


=gga~gds±W;;tia^- ^^ 









NOTICE TO HOLDERS OF 

7T* Convertible Subordinate Debentures 
Doe 3081 of 

W. R. Grace & Co. 

Punuatt jo Section IMS d \S» ImJnrauv iLn*« M d Fetawy • 19* bwn « B. Groce k Co. llj» 
■■Ccmjuni ") U> Mjoaf jcuetts Hwwr Tnua I'onyuny Thmer. witfirejprci U>Oe 3ba**Ovtiaot4 
Mndns. oouce n hwrftv curd U«t Iho Board n! Dtrrcun of U* Company on October l. aG 
aegrmed » I00 r : nM fiiniew no U* Conunoo Stock, par value SI 0 per aHJre. of the Company 
payabtecatycmberlO MOT ui me farm cl oac aodi-ioo al »M re otComcmo Stock tar each mmumiK 
yureofCtnoiranSvck hrldof rvcwdai dwctcoearboBoessoD >o**mMrS. W7. oubfeci. bowner. to 
upproeaf by the ihantioiim ul the ('ompany a! a nvruna m be held ao October JO. arr al the 
anwndmnu ot the Rrs&ud Cemltcatc at lanmoranon olifae Company w. amoos otter 
memo* ibr number of mans m Canmco Stuck ilui tbr GwiMmr ■ authomd to owe. 

U (hr acmbnett a approved, ihr Cmtnum Prwof me Detwnmrn win. In jttmtaeeem 
Section UM of thr lucentur* he rednred ^ oarJialf ihr n*e*« anwsal effeaiee « tte ep«h» 
tasmra on .Nowrmber*. HIT. wit* upen a com rrjxn after the stocbavldesd rjttjnjdoJr a Holder o« 
Ihetiebeetuirtwiflbreaaarcii’iTcrivrWsitn nn gnberofilmTtirfOwimotiSlnckofUirCattpnny 
-o wcoH fcavr Bern (rented lud the cuxeiuun htea matte uameduieft prior to me report dak. Tbe 
ConwrwmFncewKlfl aewteacy be (recced Item IO StoSll SSjrtntwAlaiBOenl at Drtwuzrafcr 


oft lo H*r rih tWWW of ihe rrducwi 

Tin Vw»« net a rail for rrdftnpuji nor a tease*** that coottRUD ride* be ezcrcUod. aad 
doesect rwsjeo or require jay aelaonby hulden at w UeMmu-em. 


Ccv*tT3L an 


id w Urbenmree. 


KH. GRACE 4 CO. 


NOTICE TO HOLDERS OF 
S' «r> Convertible Sabontitnte Debentures 

Doe see: of 

W. R. Grace & Co. 

Voreuac; u< Se-ti-e UW -d an* rr-d/T^rprLy.H ji ?! Srwmjier J3. lw? frem W R. Grace & Co fihe 
• r crrirw’’; ■ ■ li ¥ jruLatLrer-. Hjiviht Tl’J* CVmSu!". Thau* »TJi respect IP thr abhrecaptioned 
Drht»-tvm oCi-.r it br-etc nitc 'J>a: ifr Ecjrrl o! IbKltp ( f Ihr Corquav on October I. BO 
arorjtre j :or- *u«:ft dividend no ihr iVium.* $x :<is par ia.> ft! <M ter elure. uf the Company, 
pJ -Miron k>n*<n!ier -J !«r'*nd»rL'nnrt one aaaluu’ time of Commoa Stock ter cat* oatamdtng 
yhaTv 1 . ntirr.cr. Meet Be.l.if Ihr ol-ar ol taaurftica V'venbert. UK. e^rA. Umt.Mi.la 

MHirnji b. 'hr trarrholjrn vf ihr i?cir.pas\ a! a mntlmfi » Or tteld at Odder 90. IOC of tbr 
jroroi-Tim ri e» Kfu:rd Crrx'ioa^ if iwvtwraeca d »r Company to anx«g tnher Ihwcv 
LTOh’^a' 1 *.. number n» irj-ri rt Cnror-an 5: >-t ia: Le Cirrpaov ir. xjihjrard ta tuus _ 

II or uTsernmer/. u app*m»c. thr Cen»e?».'.t> P~~cr d jar lebrcJum vnU to accorlaner wth 
S«t»a 13>» nflhr ^aJnrirr hr red-xod u> cne-hJIf itr c-rr*«n amount rfferarr £ tbr epeong of 
EtK-teoan Seectrjrft IJOT -poc a ■TT‘rr’iim afier the *Jork dm-iV-nc! rroorO date and oner 

peremarr u '.X ibr EtchMsw L-atr io'-are ra ar Indriro-w a Boiler of the Defaemum wtB be 
rnJjffru cn nvntr 9»ura nimbrr c: ii*w a* r tmtn h’-Jrt c-f '-bt Catnpar* as would hate been 
recrurd bje tpr i"c>t^iT. hero c->v imnrtuir.v pnar to the cr c. *rd date Tbr Copteaaa Prior 
would .■h-rere-rgli ar irouwd iron wsi.'lc li iracipJt amrin; of prbrci i arft forracb ibare of 
Cvan^ S'.a » f -i-.towmg i!w mecuoi <; uutttsjn uf the Coe-pany Buuee will bo p*m an In the 
rtlw.itetwfti cl tar rcdu-AiLO . . 

TJia Vikfuim a i a*, f.-r rydvni^icn n-ra 19 m traicn: verbal rirte»brrirrciied»5er the 
EttfanpOae aad doe no; rrquey: cr rrqia.-e aclus by bolder* oi UleDebrsnns. 

■ ECMCEiCSL 

ocubtrs.ar 



, . . ■ Fmandal HmesFridayOclober 30 1987 

UK NEWS -PARLIAMENT AND POLITICS 


PM urges more decisive US action on deficit 


BY TON LYNCH 

MRS MARGARET THATCHES, 
the Prime Minister, yesterday 
urged President Reagan to take 
more radical action than previ- 
ously envisaged to cut the US 
budget deficit 

Pressed by Mr Neil Shuuck,. 
die Leader of the Opposition, at 
Question Time in the Commons 
to make Significant cuts* in in- 
terest rates on top of last week*s 
‘inconsequential' 05 per cent 
fall, file Prime Minister said 
‘early and decisive action” to re- 
duce the US budget deficit was 
'the most important single 
thing* for the return of stability. 

This action should involve 
'measures which, both in scale 
and content go beyond what has 
previously been envisaged yet 
would do more than anything 
else to bring back confidence.” 

She stressed that the Govern- 
ment was prepared to co-opei> 

ate with other countries, nota- 
bly japan and West Germany. 
She hinted that US action, with 
international co-operation and 
a decision on the BP sale, if 
they came together, would help 
facilitate a further cut in inter- 
est rates. 

Mr Kinnock urged the Govern- 
ment to take immediate action 
on interest rates to help indus- 
try and calm the markets. He 
said the UK sboald not have to 
wait for confidence to return 
before implementing the inter- 
est rate cats the economy 
needed. 

He argued that a substantial 
cut in Interest rates would also 
help President Reagan in his ef- 

Formation 
of key 
committees 
held up 


Baa mmm * ■** — — gTh illlluml 

oy TOnBIwwra, ruiiucm 


THE completion of file forma- 
tion of House of Commons se- 
lect committees for the new par- 
liament is still being held up by 
arguments over membership of 
the Scottish affairs committee 
and the defence committee. 

A meeting this week of the 
Committee of Selection, which 
is responsible for submitting 
proposed committee member- 
ships to the Commons for ap- 
proval. foiled to reach agree- 
ment on the size and structure 
of the Scottish affairs commit- 
tee. 

With its Scottish representa- 
tion in parliament down to 10 
MPa, the Government is faced 
with the problem of retaining 
control of the committee. Of the 
10, five are members of the Gov- 
ernment and two MPs have said 
they do not want to join the 
committee, although they are 
still likely to be included. 

The committee itself has al- 
[ ready recommended that it be- 
reduced from 13 members to 11 
but the Government cannot re- 
tain a majority if the committee 
exceeds nine people. Labour 
whips suggested four Tory and 
four Labour MPs, with one seat 
offered to the Scottish National 
Party and the Liberals, a deci- 
sion which would be certain to 
i cause a row when MPs vote on 
[the issue. Government whips 
are believed to be pressing for 
five Tory MPs, four Labour MPs 
land one seat for the minority 
[parties. 

In the Commons yesterday, Mr 
.Alistair Darling, tbe Labour MP 
Tor Edinburgh Central, asked If 
the Government intended to see 
the Scottish affairs committee 
*drift Into suspended anima- 
tion*. Mr John Wake ham, the 
Leader of the Commons, said he 
wanted the composition of all 
the select committees finalised 
as quickly as possible and the 
Committee of Selection would 
do so very shortly. 

Membership of the Important 
defence committee Is also still- 
creating difficulties, given the 
decision by Labour whips to ex- 
clude Dr John Gilbert because 
of his criticism of tbe party’s de- 
fence policy. 

Lamont lauds 
£7.7bn surplus 

By Tom Lynch 

THE UK had a£7.7bn surplus in 
trade in services in the 12 
months to the middle of this 
year • a larger surplus on invisi- 
bles than any other nation in 
the world, Mr Neraan > »■««■* 
the Financial Secretary to the 
Treasury, told the Commons at 
Question Time yesterday. 

He said 2m people were now 
employed in financial services 
and 1 Jim in hotels and catering, 
making a total contribution of 
those two sectors of 15 per cent 
of jobs in the economy. 







V'jfeSfc : -l Si- ^ 






Margaret Thatcher responded to sugg 


by Neil KJmwck on interest irate cuts 


forts to stabilise tbe deficit, aid 
competitiveness in Britain and 
cut costa for businesses and 
householders. 


fiscal policies to help the US i 
dace Its deficit. 


"Very, content* with ; tbe Govern-, 
meat’s handling of the economy^ 


Earlier, Mr Nlgd Lawson, the he said. 
Chancellor, had resisted com- Mr Chris Smith , 


Mrs Thatcher acidly told him parisons between UK interest 


that interest rate decisions 
wer e not announced by the 


rates and the much lower rates est'. rates 


Labour 

spurn, said inter- 

been -unprece- 


in Japan and West Germany, lb- dentedly high” under the cur- 


Prime Mi n ister at ' Question nation in those countries was rest administration. *Now that 


Time in the Commons. 
Mr Robert u»Bim> ™ 


■close to zero, he told MPs. 


yon have abandoned the mone- 


He rejected Labour conten- tarism that was supposed to be 


SDP leader, asked the Prime tions that industry was urging the reason for that, stop dithex- 
Minister to encourage ^ West Ger- lower interest rates to protect ing.cot interest rates to help to- 
many and Japan to relax their tbe real economy. The CBI was dustxy and mortgage holders 


■wiiwip to eahn flip 

MrLawson said the Conserva- 
tives had inherited a 12 per cent 
base rate horn Labour in 1973;-: 
Vh .percentage - points above 
current level*. He assured MPs: 
"£ shall -see to it that interest 
tttfeffute attfae level appropri- 
afotofiie conditions.*^ . 

However, he said the condi- 
tions . which produced the last 
rise in intereat rates r in early 
Angnst-- had now disappeared! 
Tbe rather frpthy sfate of the 
i g aa ad a t w’t i tH* ha*- 1 come to 

AttTe&L. There is- how likely to 
be a. dampening effect on eco- 
nomic activity, incladjng credit 

activity.' ■ 

Both the- Prime Minister aiyf 
the. - Chancellor .appeared to 
adopt- a more • sceptical tone 
about the : prospects .for fall 
British membership of the Eu- 
ropean Monetary System than 
has previtmaly been the .case, 

Mr Nicholas Bodge* (C, Wol- 
verhampton -South West) ro- 
jninded Jtrs Thatcher of her 
previous remarks that attempts 
by governments to control ex- 
change rates were .extremely 
expensive .and ultimately im- 
possible. 

-r “That, view has not. changed.” 
stetoUfliub However,; the Lou- 
vre- accord "has been. of very 
considerable: value, especially 
in file last two weeks.” 

Mr Lawson said the EMS had 
helped. its members- retain sta- 
ble. exchange rates, . but he 
praised the value of the Louvre- 
accord, with its more broadly- 
based membership. - 


Of royal 
heiresses 
and strange 
attire... 

-THE SLIDE on the Mock mar- 
kets and the state of the BP 
share issue continued to dom- 
inate the House -of Commons 
yesterday as they have done 
aE week. But some of the 
more outre characters on both 
sides of the House were re- 
verting to their old antics. 

Tory backbencher Geoffrey 

Dickens was the first to step 
into the limelight in what La- 
boor MP Dennis Skinner 
sometimes refers to as "t 
Westminster music hair. 

Commending the Govern- 
ment on controlling emissions 
from power stations and lead 
in petrol, he urged ministers 
to seize the opportunity to cap 
their programme by privatis- 
ing fresh air, . 

. Mr Norman Lamont, Finan- 
cial . Secretary to the Trea- 
sury, congratulated him for 
his enthusiasm but admitted 
that even under Maggie’s rad- 
ical policies this would take a 
little consideration. 

During Prime Minister’s 
questions Labour's indefati- 
gable David Winnick raised 
tbe controversy over the Con- 
servative Party chairmanship. 
Now that Lord Young ia not to 
take over the post from Nor- 
man TebbH tbe question of 
the succession is the main 
topic among Westminster gos- 


MPs in uproar over BP issue statement 


BY IVOR OWEN 

A REFUSAL by the Govern- 
ment to give a firm undertaking 
about tbe timing of the state- 
ment by Mr Nigel Laws—, the 
Chancellor of the Exchequer, 
on whether tbe £7.2bn BP share 
offer would be halted or al- 
lowed to proceed led to fhrioua 
protests by Labour MPs in the 
Commons last night. 

They turned their fire on Mr 
Mm W«fcBham,thc Leader of 
file Boose, when he declined to 
add to a message brought into 
the chamber by Mr David Hast, 
the Government deputy Chief 
Whip, stating that the Chancel- 
lor was "working on the expecta- 
tion of being able to make a 
statment at 10 pm. 

Hr John Smith, Labour's 
shadow Chancellor, accused Mr 
Wakeham of foiling to act in his 
role as the minister responsible 
for taking account of the views 
of the whole House and not just 
MPs on the Government 
benches. 

Mr Frank Dobson, shadow 
Leader of the House, asserted 
that the uncertainty over the 
tuning of the statement arose 
not from the complexity of the 
issues involved but because of 
differences between Mr Lawson 


and Mrs Margaret Thatcher, the 
Prime Minister. 

Despite tbe protests, which 
were supported fay Mr Neff 
Kbmeck, the Labour leader, Mr 
Wakeham refused to commit the 
Chancellor to malting a state- 
ment at a specific time. Earlier 
Mr Lawson denied that .there 
had been a “blazing row* be- 
tween the Treasury and Ameri- 
can interests. 

The suggestion that there had 
been torrid transatlantic ex- 
changes was made by Mr Brian 
flnlgfsre (Lab, Hackney South 
and Shoreditch) who also re- 
ferred to the BP affair having 
repercussions on Wall Street 

Mr Lawson followed up his 
denial of Treasury involvement 
in an angry altercation by em- 

S haaising that the “causation 
ows in the opposite direction”. 
He said it was not the BP flo- 
tation which had caused the 
Wall Street crash, but the slide 
which had occurred there that 
led to the ‘gross undersubscrip- 
tion* of the BP flotation. 

Mr Lawson explained that he 
had been unable to report to the 
House on the outcome of the 
rep r es e ntations made by the 
UK underwriters to halt the BP 


offer at the customary time for claimed .that the Government 
major .parfamentary state- had wasted £2Qra in advertising- 


meats - &30 in the afternoon - BP shares - equivalent to £100 
because of the elaborate con- per successfal applicant .. 


saltation process. 7 . He also taunted Mfc Neman 

He indicated that file Tree- L truant, Financ ia l Secretary to 
sury and N M Rothschild and the Treasury, over his. earlier 
Sara, representing the UK ah- forecasts that the BP flotation 
de t write rs , had been unable to would, consttthte a major far- 
agree and had made a joint ap- liier ' contribution to extending 
preach to the Bank of Rn gUnH share own er ship in Britain. 


far its assessment 


Mr Lament refused to make 


Mr Lawson confirmed that he ' any apology for the cost of the 


would take fell account of the advertisL 
Banks - assessment before the time 
reaching his decision and an- part of t£ 
nouciiig it later Ln the day. . . foraptew 

Mr Smith, Labour's shadow He ink 


advertising campaign which at 
the time had been a justified 
part of the Government's policy 
for spreading ab*re ownership. 

He insisted that wider share 


Chancellor, said it was clear ownership was an admirable 
that the BP share sale had been and laudable objective and said 
a “total flop* under conditions he was “extremely sad” that it 
which would be deq>]ydzmap had not been assisted by the BP 


|n g te its •' 

He contended that BP was 
now to be saddled with the 
tnost unwilling holders of 
share s in financial history*. 


sale. - 

Mr NeUHamOtai (C, Tattoo) 
contrasted Labour's attitude to 
this latest instalment in the 
Government's privatisation pro- 


In view of the difficulties 
Mr Winnick suggested that the 
Prime Minister’s "old mate*, 
Michael Heseltine, who walk- 
ed out of her Cabinet as De- 
fence Secretary, might be a 
suitable candidate. Certainly 
he was very keen and anxious 
for the job, according to Win- 
nick. 

At that very moment Mr 
Heseltine was standing at the 
bar of the Horae deep in con- 
versation with Hr Teobit He 
blushed in confasion but 
'shook his head In disavowal 
of any such lofty ambitions. 

Mrs Thatcher assured MPs 
that at least she would not fol- 
low the example of Labour 
leader Neil Kinnock by taking 
the party chairmanship for 
herself 

Later Mr Kinnock needled 
John Wakeham, the Leader of 
the House, by suggesting that 
he should apply for file job. 
Mr Wakeham, who was one of 
those who opposed the post 


To Labour cheers, Mr Smith . gramme with the complaints 
called for the abandonment 'o£ madeubbut eSrlierflotatioiis. 
the BP sale^ *not to excuse the ’ . He asked if : there had . been 
underwriters bnfete-fisqtect- tfce^apyxritioism^from Labonraffis 
interests of Britain's greatest in regard to HR alleging tkafjt 



l 2 rGccdoa J -Brawi 4 - ila boor's * erhment to Tmethep 
shadow Chief Secretary, its friends in the City. 


Race is on again in Smith Square 


THE CHAIRMANSHIP of file 
Conservative Party is now back 
in the melting pot with no eariy 
decision expected about who 
will succeed Mr Norman Tebbit 
following the surprise with- 
drawal from consideration of 
Lord Young, the Trade and In- 
dustry Secretary. 

An announcement had been 
expected later today and there 
was some confusion yesterday 
after Mrs Thatcher’s original 

6 reference had been blocked 
9 a powerful group of senior 
ministers objecting to Lord 
Young holding two posts at the 
same time. 

Mrs Thatcher brushed aside a 
question In the Commons yes- 
terday from Mr David Winnick. 
the Labour MP for Walsall 
North, who suggested that Mr 
Michael Heseltine, the former 
Defence Secretary, should as- 
sume the chairmanship: By 
chance Mr Heseltine was stand- 
ing at the bar of file Horae 
talking to Mr Tebbit 
There is no immediate hurry 
about replacing Mr Tebbit, 
though he has made known be 
wants to give up the post before 


Wednesday’s surprise 
withdrawal of Lord 
Young (right) who was 
favoured to take up the 
post of Conservative 
Party chairman has left 
the field wide open. 
PETER RIDDELL 
considers who might be 
in line for the post held 
by the departing 
Norman Tebbit 


The Prime Minister has a 
choice. She could pick a Cabi- 
net member like Mr George 
Younger, the Defence Secre- 
tary, or Mr Norman Fowler, the 
Employment Secretary (With no 
obvious conflict of interest in 
either case), or die could go be- 
yond the Cabinet to select some- 
one for tbe neat two yean be- 
fore a more senior figure is 






mp % 


Tebbit 

Ministers and Tory back- 
benchers yesterday all had 
their favourite candidates, in- 
cluding Mr Peter Brooke, the 
Paymaster General from tbe 
Treasury, Mr David Hunt, the 



appointed in the run-up to the 
general election. 

Opinions are divided about 
whether the chairman needs to 
be a Cabinet minister at this 
stage, especially as a strong 
chief executive or general man- 
ager is expected to be appoint- 
ed to implement the detailed 
reorganisation of Conservative 
Central Office proposed by Mr 


depute Chief Whip and a former 
vice-chairman of five party, and 

Ifr John Cope, an employment 
minister and former deputy 
Chief Whip. 

However, sceptics were point- 
ing to the experience of Mr John 
Gammer, who served as chair- 
man and as . an Employment 
Minister of State from 1983 to 
1985. He was seen as both being 
too bogy with two jobs and hav- 
ing insufficient political weight 
for the chairmanship. 

Lord Youiufs decision to 
‘withdraw followed a series of 
meetings earlier this week at 
.which a number of suggestions 
-were made, and apparently re- 
jected by. him, including hiving 
■off responsibility for regulating 

g ty and mergers {policy to 
nmeth Clarke, the Chan- 
of the Duchy of Lancaster 
ndustxy Minister in the 
et 

The whole episode has cre- 
ated public ill-feeling 


Gould cautions on threat of recession 


BY IBCHASL CASSELL, POLITICAL CORRESPONDBfT 


'ACTION to cut the US budget 
deficit too rapidly would pro- 
voke an international recession 
and herald the return of "the 
grim days when monetarism 
ruled the world”, Mr Bryan 
Gould, Labour’s trade and in- 
dustry spokesman, warned last 
night. 

Speaking in Wigan, Mr Gould 
claimed that it was not tbe re 
cent turmoil in world stock mar- 
kets which would lead to a re- 


cession but governments which 
acted, as monetarist precepts 
would dictate, to reinforce fi- 
nancial orthodoxy. 

He said that concentration on 
the US budget deficit was an *!r- 
relevance* and that the real im- 
balance in the world economy 
was between the surplus na- 
tions, like Japan and West Ger- 
many, and those like the US and 
Britain which had used high in- 
tercet rates to prop up their cur- 


rencies. 

Mr Gould said fliat a reduc- 
tion in interest rates and ex- 
change rates for the deficit 
countries now had to be file fo- 
cus of co-ordinated, interna- 
tional activity. Interest rates in 
the US should be cut so that the 
dollar falls and Britain could 
follow. 

He daisied Britain's prind- 


the fortunes of the real econo- 
my and that of the financial 
world in the City. While the 
f stock market bad continued to 
climb, tbe Government bad 
blithely ignored the falls in 
.manufacturing ou tp ut, manu- 
facturing investment, employ- 
ment and a deteriorating trade 
'position. Sooner or later, he ad- 
ded, the disparity between the 
real economy and the money 
economy was bound to telL 


Aping to Lord Young, mum- 
bled that he was quite content 
with his present position. 
Meanwhile a scattering of La- 
bour members had infiltrated 
the chamber wearing colour- 
ful African National Congress 
T-shirts which drew a tart re- 
buke from tbe Speaker, Ber- 
nard Weatherill, about MBs 
.‘appearing In "fancy dress”. 

. Eventually that well-known 
.Labour freedom fighter, Tony 
-Banks, farmer chairman of 
.the Greater London Council, 
.rose to explain the signifi- 
cance. 

He earned a severe lecture 
from Hr Weatherill who said 
-that Mr Banks would not have 
approved of such attire when 
be was a respected member of 
tfaeGLC. 

. With some dignity Banks ex- 

S ~ that be and his col- 
were engaged in a 
y peaceful demonstra- 
tion in protest at Mrs Thatch- 
er’s description of the ANC as 
a terrorist organisation dur- 
ing the Commonwealth heads 
of government meeting in 
Vancouver. He added some 
-characteristic cheek by ob- 
serving that tbe Speaker 
looked pretty fetching himself 
In his wig and gown. 

It was left to that Tory indi- 
vidualist Tony Marlow to cre- 
ate one of the biggest faro res 
■of the day when, without 
warning, be suddenly rose to 
■suggest that it was a bit 
strange that in our modern so- 
ciety the succession to the 
throne should go to the eldest 
male heir "rather than the 
most suitable heir.” 

Was he really implying that 
Princess Anne would make a 
more suitable monarch than 
Prince Charles? We shall nev- 
er know as his question 
brought howls of outrage and 
the Speaker immediately si- 
lenced him. "Chop ’tin. Put 'im 
in the Tower,” roared La- 
bour’s Andrew Faulds sud- 
denly emerging as a fervent 
Royalist 

JOHN HUNT 




II li M‘Vh\ 




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Financial Times Friday October 30 1987 


UK APPOINTMENTS 

Executive changes at the Halifax 


Interim report 




HALIFAX BUILDING SOCI- 
ETY has appointed Mr Geoff 
Jackson as genera! manager, 
designate, field operations, 
from November L He is region- 
al general manager, Greater 
London, and will succeed Hr 
Alan GrecnhalgH who retires on 
; February L Mr Malcolm Wyhea 
becomes regional general man- 
ager, Greater London, from No- 
vember L He is divisional man- 
ager, personnel, at head office. 
Mr Tam Taller is made regional 
general manager, north vest 

from January L He is divisional 

manager, housing and lending, 
at head office, and succeeds Mr 
Ted Cooke, who is retiring. Hr 
Andrew Keatea has hem ap- 


ANCES in succession to Lard 
Plawden who has retired. 

Mr MJF Debit, Mr AJ. Hudaon, 
Mr KJL Moantfsrd, Mr A.W. 
Rose, Mr XA. Treiane and Mr 
P-H.W«ttea have been appoint- 
ed assistant directors of 
SCHRODER INVESTMENT 
UANA&MENT. 

* 

Mr Dick Steele has been ap- 
pointed finance direc tor of 
Sodsummer LEISURE. He 
was financial controller or 
Next 


Mr DJ. CNftv, Mr JM Dm 
cum, Mr AG. Hay4ay, Mr 


tors, with Mr Burton responsi- 
ble for the area inside the K25, 
and Mr Low for the rest at the 
country. 


S£5‘£ZS , £!SK BK®-®® 

the DANISH DAuLy BOARD in TI0N - 

the UK. Formerly national ac- rn.m.«r 

SSLTSSfJESSS SSsSSSS 

“*■ * THE CHASE MANHATTAN 

„ . _ BANK Cun appointed Mr Chris 

Mr WHp Jpdttas, m a n ag in g dl- j, Matin, senior vice president, 
rector of group management as UK country manager. He was 
services, has Joined the board ih* hint's country manager in 
of PROVINCIAL INSURANCE. Hong Kong. The Chase Manhat- 


ot Provincial Insurance by Mr 

«saham Whitwham. 


Mr Galls UUywhtte, managing 
'director of Qnme UK, has been 
appointed European vice-presi- 
dent of the QUICK CORPORA- 
TION. 

* 

Mr Paal Leggett, area m a n ager 


for Scotland, has been appoint- 
ed to the board of SIR ROBERT 


Mr WHpJedUas, managing di- 
rector of group m a n ag em ent 
services, has Joined the board 
of PROVINCIAL INSURANCE. 






Comm— it by Pr—ldnnt Qpo r g " . 
KamHundonthHln fHm rppor t . 

“The forecast presented at the Amual 
General Meeting on 7 May stated that . 
income in 1987 was calculateci to be more 
or less on a level with that of 1985, about 
SEK 2J900 m. Today, there is caUse toadjust 
this forecast upwards, largely because of 
the strong development In sales in our trudc 
operations. We now envisage income for 
1987 approaching that of 1986b which was 
SEK 3300 m „. M 

"increased sales, higher capadtyutMza- 
tlon, a more profitable product mix. Improved 
currency balance and (bans issued as part 
of the Group’s currency management are 
the factors that have contr fo uted most In 
compensating for the dollar’s fat It is this 
downturn that is the main explanation for 
irtcome during the first eight months of this, 
year being lower than the corresponcfing 
period tastysar...” 

* “Finally, I want to refer to what I said 
regarding demand and income. The saiee 
trend indicates that assuming no unfcire-' 
seen difffcutties are encountered, we should 
see a strong last four-month period. TNe is 
partly why we have raised our forecast 
for 1987." 



RoIm 25332 

Operating Income before 
depreciation 2391 

DapracWion accorcang 
to plan -980 

Z2JSQ9 

2Afi2 

-794 

Operabna income after 

depreciation 

Financial Income and 

1*411 

1,648 

axpenaee ' • 

Share of income of associated 

242 

225 

companies 

128 

122 

Inoome before extraordhiary 

Income and expenses 
Extraordinary income 

1,781 

1^95 

and oxpeneoa 

25 

17 

Income before appropriations 

and taxes 

1 ,806 

2j0l2 

In per cent of sales 

7J0 

89 


’ ■ a- *. j 2&tf* 


rTTTTTy^rTT-r 


:T>nar.yoi5p" 

- S un b DchniaABbL- 






Tht yaar lyntoiii im n 


' i ^ 4 



WESTERN AREAS GOLD 
Mining Company Limited 

(Incorporated, m th* Rejmlilic of South Africa) 

. Registration Np. CSO320(M6 

COMPANY ANNOUNCEMENT . 

The etUmtion of Shareholders is drawn to the fact that a fire 
broke out at the Mill Sub-station in the North Plant at 22h30 
an 15 October 1S67 and the supply of power to the North Plant 
was intemiited for 9 days. Production ftoot underground was 
not affected. . 

The substation has been repaired, all dbrmits. have been 
tested and the supply afpowur to the plant was restored on 39 
October 1987. 

While every effort will be made to recover the lo» in treated . 
tonnage during this quarter, it is probable that some 2M of 
foe planned tonnage will only be processed in the following 
quarter. 

■Johannesburg 
» October 1987 


WESTMINSTER 

The Financial Times proposes to 
publish a Survey on the above on 

FRIDAY 11 TH DECEMBER 1987 


For a fall editorial synopsis and details 
of available advertisement positions, 
please contact: 

Brett Trafford 
on 01-248 5116 

or write to him at: 

Bracken House, 10 Cannon Street, 
London, EC4P 4BY 
Telex: 8954871 

FINANCIAL TIMES 

EUROPETS BUSINESS NEWSPAPER 




THEKANSAIELECIRWPDWffl 

INCORPORATED 

Japanese Yen 40,000,000,000 
~ Floating Rate Nol^ 1992 ; .. 1 

Fox the ffix months - 

30th October, 1987tO 2nd May, 1988 s 

. fo«xxmtonc8vriththopiovisxmsofth«Not»a.notlca- 

is bezeby givun tiattba rata of interest baa 
been fixed at 5.15 per cent per annum and that tha 


2nd May, 1988 against Coupon No 1 will be 
¥260,557 per ¥10,000,000 Note. 

Tha Industrial Bank of Japan. Limited 
■ AgentBank 


Company Notices 


Y COMMUNAUTE ECWiOMIQUE 1 

f EUROPEENNE $CS 26.000.000 

[ 1335 % 1900/1995 

Wa inform the bondhqtdcn that the re d empt i on instalment of 
SUS 7. 600.000- , nominal doe on decanter 15, 1987, hu been 
, . satisfied by a drawing on October 9, 1987, in La xc mbo u r g . 

Thebqads will he rriadxincd tt par ou decanter 15, 1987, 
coupon doe an dxa n ter 15, 1988 and foflcwag aftacbexi , 

« accordmg to the modalities of payment on tbe bonds. 

the omnben of such drawn bends am as fUknnB. 

I to 101 land 24412 to 26000 

The fbBowmg bonds, called for re d empt i on on decanter 15, 

' 1986, have not yet been presented for foe payment: 

13949 - 15949 16001^16548 

Amount o u tst a nd i ng after dec ante r IS, 1987: SUS 20.800.000,- 

THE PRINCIPAL PAYING AGENT 
SOC3E1E GENERALS ALSAC3ENNE DE BANQUE 

1< A if fllm . Finil* OmiIN 











“I felt I was flying in my own jet, 

with my own crew.” 


This is an authentic passenger statement 




Lufthansa 


M.CJWM ERICKSON 






Financial Times Kridav October 30 1987 

MANAGEMENT 


21 


V 


British and Commonwealth and commodity trading 

When copper bottoms out 

Clive Wo lman describes the result of a UK conglomerate entering unfamiliar territory 






SEVEN MONTHS ago saw the 
first anniversary of a move by 
Kaines to build from scratch 
one of the largest commodity 
trading companies in the world 
- an unprecedented venture. 

Kaines was set cp with the 
backing of John Gunn, one of 
the City's most successful entre- 
preneurs, apd his British and 
Commonwealth Holdings con- 
glomerate which provided ssom 
of capital. The Kaines directors 
and senior traders spoke of be- 
coming a third three in the com- 
modities world, behind only the 
two giants, Phillip Brothers and 
Marc Rich. 

Bat In the space of a few days 
last spring, their ambitions 
were swept away, along with 
many of their jobs, as a result of 
a price movement in a single 
base metaL Over the last four 
months, the management has 
laid off staff as rapidly as they 
had been recruited, it has aban- 
doned many areas of trading 
and been told by B and C to cut 
overheads by nearly two-thirds. 

The rise and fall of Kaines, 
which insiders estimate has 
cost B and C between $40m and 
SSOan, illustrates the difficulties 
of controlling trading risks, 
even with an elaborate system, 
when the wrong personalities 
are in the wrong places. It also 
highlights the pitfalls for a con- 
glomerate moving into busi- 
nesses of which it has no direct 
experience even when it be- 
lieves it is backing a high cali- 
bre management 

As Gunn admits, the experi- 
ence of Kaines was one of the' 
factors behind B and Cs deci- 
sion to move away from all trad- 
ing and principal-risk activities 
and focus on agency businesses, 
mainly in financial services. Its 
intention now is to reclassify 
Kaines as a venture capital in- 
vestment and reduce its stake 
from 61 to about 20 per cent by 
finding another shareholder 
with experience In commodi- 
ties. 

According to Nigel Cobby, a 
stockbroking analyst with Mor- 
gan Stanley who has followed 
Kaines: "John Gann has a histo- 
ry of backing bright managers 
and letting them get on with it 
He believed that he could go 
against conventional thinking 
and make money out of com- 
modities. This is really the first 
time he has got it wrong. 1 ' 

Kaines was set up by three 
former managers of the US- 
based Phillip Brothers, all in 
their forties, who left in 1684-85 
during a period of large-scale 
cutbacks and redundancies. 

These were Julian Lea, a for- 


mer tax accountant who became 
the chief operating officer of 
Phillip Brothers in London, 
Gerard de la Vallee Poussin, 
whose background was in oil 
trading and mining in Africa, 
and Derek Ray, who had been 
running Phillip Brothers' Tokyo 
office. 

Lee had bad a long associa- 
tion with John Gunn and told 
him of their plans while Gunn 
was still running Exco, the UK 
money-broking firm. When 
Gunn joined British and Com- 
monwealth in November 1985, 
he immediately persuaded the 
board to back Lee and his col- 
leagues. Their original plans 
were to set up a small trading 

Copper 

Cash Metal (£ per tarme) 

1050 



operation, with less than 10 
staff similar to many of the oth- 
er commodity firms m London. 

But with Gunn's encourage- 
ment, their plans were trans- 
formed into something much 
grander. B and C supplied $40m 
of capital in return for a 61 per 
cent stake. The three men, who 
had control of the remaining 
shares, planned to build up an 
operation of 100 dealers and 
support staff by the end of 1686. 
Instead of the small backroom 
originally envisaged, the firm 
occupied two spacious floors of 
a luxury office block In Pall 
HalL 

Kaines’s strategy was not to 
engage in high-volume screen- 
based trading in the commodity 
futures and options market but 
to concentrate on ff rawing and 
transporting physical commodi- 
ties. particularly in regions 
such as West Africa, which were 
overlooked by many traders. 
The futures markets would be 
used only to hedge risks. 

De la Vallee Poussin took 
charge of the oil and petroleum 
products operations while Roy 
was responsible for metals ana 
-soft* (agricultural) commodi- 
ties. Meanwhile, Lee devised an 


elaborate system of f i n an cial 
controls which produced regu- 
lar computer printouts. Ac- 
cording to one former employ- 
ee: *1 have a over seen .so much 
paper come out of a system in a 
company. But whether anyone 
understood what was on it is an- 
other matter.* 

Once trading began in May 
1986, the firm grew even more 
rapidly than the revised plans 
envisaged, Lee persuaded B 
and C to put up another $2Qm 
which was used to set up a for- 
faiting (trade credit) operation. 
By early this year, Kaines had a 
staff of nearly 170 with small of- 
fices in Switzerland, the US, Jar 
pan and Singapore. 

In January. Guan promoted 
Lee to file position of joint man- 
aging director of B and C, re- 
moving him from day-to-day re- 
sponsibility for Kaines, just as 
its rapid expansion was creat- 
ing strains both financially and 
on fiie trading floor- But by May 
Lee had become seriously 11L 

Most of the difficulties were 
in Derek Roy’s metals and softs 
department. To recruit a large 
team of experienced commodity 
traders from a limited pooL Roy 
had to offer salaries well above 
the market rates. Even seme of 
the administrators and repre- 
sentatives in the small overseas 
offices were paid six-figure 
sums. 

One of the metals traders 
says: *1 had always worked for 
commodity companies which 
were run on a shoestring. But 
here they seemed to have vast 
resources. The banks would 
telephone to offer us $100m 
lines of credit And people were 
being paid much more than they 
ever earned before. I think that 
some of them got carried away 
and became overconfident" 

As the overheads rose to more 
then £20m on an annualised ba- 
sis, and the pressure mounted 
to generate revenue, Kaines 
lurched into more and more 
commodities and trading activi- 
ties. 

A lot of the traders’ time was 
consumed in mr ^ nsfog ««mii 
contracts for moving physical 
commodities from which the 
revenue was too small to cover 
file administrative costs. The 
temptations to take riskier posi- 
tions in the ftatures markets by 
screen trading also increased. 
But according to Roy: "Kaines 
had to win its spurs by perform- 
ing a lot of physical trades, 
whatever we were offered." 

Cobby, who at the Start of the. 
year predicted that Kaines 
would achieve pre-tax profits of 
OOn by 1888, says: "They wars 


hoping to use the small deal to 

cultivate relationships 

would lead to a few mega-deals 
that would bring in the profits. 
So for this hag not happened.” 

Iu the early stages. Boy's en- 
thusiasm was infectious and he 
was popular among his staff 
But as the pressures on him 
grew, he began to lose touch. 

to one former softs 
trader "Boy started by suing 
Kaines would be different from 
TfcttUp Brothers; management 
by co-operation and not con- 
frontation. But it gradually be- 
came a one-man operation. It 
grew too euteUy and he lost 
control of ms own creation. The 
whole thing crumbled in sin 
months." 

Other employees say that be- 
cause Roy would not delegate 
sufficient responsibility, he was 
overburdened with work. The 
head of a rival commodities 
firm describes Roy as a man of 
great energy and charm who en- 
joyed a high reputation at Phil- 
' Up Brothers. "He was a great en- 
tertainer and a team leader," he 
says, "but he lacked the ability 
to manage Kaines. He should 
have been president of a rugby 
dub." 

Roy says: "Most people in our 
industry are workaholics and I 
do not exclude myself* Some 
strategic and recruiting errors 
were inevitable, he says. A sine 
trader was hired from Sweden 
and relocated in London at con- 
siderable expense. But within a 
few weeks the zinc division was, 
elosed down and the trader dis- 
missed. There was a U- 

turn and closure of the steel di- 
vision. 

As morale sagged, communi- 
cation between the different de- 
partments on the trading floor 
dried up and traders stopped 
talking about thnir positions 
and views on the markets to col- 
leagues. "Nobody was over- 
seeing the business as a whole. 
People started doing their own 
thing," one trader says. 

The lack of critical evaluation 
was reinforced by a feeling that 
file accounting staff were not 
keeping up wife all the increas- 
ing activities and risks. But a re- 
view by the accountancy Ann 
Arthur Andersen In February 
and March, which was ordered 
by the main B and C board, un- 
covered no major flaws in file 
financial '*«nt r n i« 

However, the review did not 
take account of the key person- 
alities. Roy's most Eatefol re- 
cruiting decision was to employ 
the veteran trader, Ron Adams, 
as head of the metal options 
desk. By replacing a retired col* 



John Quin; Ns B and C eanfikanoata put up MQn of aspfttf 


onel as a floor member of the' 


Adams became one air file first 
of fee new generation of Bast 
End working-class traders in 
the City’s financial markets. His 
speed of response, biting sar- 
casm, and colourfol language 
made him something of a leg- 
endary figure at the UfE. 

However, in the mid-1970s, he 
resigned as a director of Gerald 
Metals to join his family's print- 
ing and property business after 
felling out with Ralph Kesten- 
fr a um . Gerald’s man agi n g direc- 
tor. "Rim was one of our best 
traders but very difficult to dis- 
cipline/ says Kasteqbaiun- *Ke 
could telk you Into a paper bag 
and out again. In the end he baa 
to make a choice between ac- 
cepting our con- 

trols or leaving." 

In 1885 Adams ' was drawn 
back again into the commodi- 
ties markets and a year later he 
was recruited by Roy. In April 
1888, Adams became convinced 
that copper was going to contin- 
ue trading in the same price 
band as in the previous three 
yeera. 

He began selling call options 
to traders to allow them to buy 
Baines’ stock of copper at a 
fixed price. A brief nse and fell 
in the copper price reinforced 
his belief and he [ 
in unprecedented 
ked” options to bn copper 
which Kaines did not have the 
stock to supply, 

A price rue would therefore 
force it to buy the copper in the 

r i market and then sell k at 
option price at a loss. Nei- 
ther Boy, whose experience was 
as a manager rather than a trad- 
er^ nor anyone else showed 
much understanding of fee 
risks now being taken. No one 
dared to challenge Adam 


"It all happened so suddenly,' 
says another metal tredo^One 
morning Adams was boasting as 
usual about how much money 
he was making by selling the op- 
tions. The next day, the whis- 
pers started, an d they kept 
holding crisis meetings." . . 

As the copper price rose in 
fits and s t ar t s during May the 
traders held on, hoping that it 
would fell again. Rut the trend 
was up - ana so were Kaines’s 
tones. By early June, file losses 
had reached overturn and Roy 
and Adams had no alternative 
but to tell John Gunn feat fee 

comp ands capital had been 

that when 
copper broke out of U» trading 
range, they failed to analyse the 
impact," say? Gann. They just 
sat there like rabbits frozen in 
front of the h«ari»ghfai/ .Gunn 
moved to and unwound Kaines’ 
exposure in an attempt to stop 
any farther losses. Within a few 
weeks, both Ray and Adawik de- 
parted- So, too, did the traders 
from several other tosomaktog 
divisions such as raw sugar, 
lead and tin. There was a gener- 
al attack on all overheads from 
insurance to overseas travel 
and the staff number? have 
been cut beck to 135. 

Gerard de la Vallee Poussin, 
who had been running the oil 
trading department wife moder- 
ate success, was placed in 
charge of fee whole operation. 
Most of his colleagues, present 
and past, praise his manage- 
ment s kil ls. He has cot outalot 
of the original, unprofitable 
bustoea? and refoepased on Just 
a few areas. He ?ay? that Kaines 
had always been gives three 
years to establish itself and fimt 
be expects to be trading profit- 
ably and egveriag overheads by 
aextyear, 


Discrimination 



barrier of age 

liCopfiabig Jobs to tbe imder*40s is particularly 
prevalent in Britun.^fkkd Skapinker reports 


■WE. WELCOME - applications 
from men and women, regaxd- 
im of disability, race or mari- 
tal status," runs the advertise- 
ment for a position is a British 
polytechnic's department of ge- 


pdytechnie makes so 
mention of its. attitude towards 
another group of citizens who 
face pe rsi s t ent discrimination 
in fiie job market' those over 
the age of 40. 

Fetor Naylor, a consultant 
wife a*, organisation. caBed <3a- 
reerjng Qnemjratian Counsel- 
lors, spent almost a year moni- 
toring the extent to which 
employers restrict job? to appli- 
cants of a certain sge. 

He looked aV4£&0 fob adver- 
tisements in fiie- Sunday Times 
and in fee -publication Person- 
nel Management during fee pe- 
riod from October 1688 to Au- 
gust 1987. He presented his 
findings to the na ti onal confer- 
ence of the Institute of Person- 
nel Management in. Harrogate 
tost week- 

Naylor found feat nearly a 
fend of. fee, advertisement* in 
Personnel Management , de- 
manded that applicant* be 
within a. certain age range. So 
did 41 per eent of the advertise- 
ments In the Sunday Times. 

Nearly two thirds of the ad- 
vertisements which mentioned 
age said that applicants- should 
he between 9 Q and 4ft To many 
employers, Naylor raid, the 30s 
are an employee’s "golden de- 
cade". Anyone older need not 
apply. - 

He quoted from a previous 
study by MSL International 
which said that "unless in very 
Senior positions or wife highly 
marketable skills, ** increasing 
number of executives in the 
mid-forties and fifties are find- 
ing it increasingly difficult to 
change jobs and have very little 
training invested infeem.^ ' 
Discrimination against tbe 
over-forties (a particularly 
strong in Britain. Naylor told 
the conference. Top jobs in Ger- 
m filled by 


States found that employers 
thought it was more difficult to 
chanff o the behaviour of older 
members of staff They also 
.thought older employees were 
less likely to want to be re- 
trained. 

Other generalisations about 
the oven-forties abound, Naylor 
said. "They are stubborn, they 
do not learn. They are lazy, 
thick, resist change and are 
slow thinkers and doera." 

It is probably true that some 

older employees are resistant 
to change, he say?. But not all of 
them are. "Some distinguish 
themselves by the way in which 
they mniptaip fee performance 
of their younger days," he said. 


many are seldom l 
under 40. Employers in the 
United States, Canada and 
France are prevented by law 
from mentioning- age- in their 
job advertising, 

■ Banning any reference te age 
does not, of course, moan that 
employers do not retain their 
prejudices against the over-for- 
ties. A study in fiie United 


Accidents 

Even where the stereotypes 
do apply, there are ways in 
which employees over 40 per- 
form better than their younger 
colleagues. Tbe over-forties 
"have better attendance re- 
cords, fewer on-the-job acci- 
dents, are more satisfied with 
their jobs and less likely to 
leave them," Naylor said. 

In any case, fee range of abili- 
ties among employees both un- 
der and over fee age of 40 is so 
wide that companies which at- 
tempt to establish an arbitrary 
cutoff point might be depriving 
themselves of talented staff 
This is particularly true of com- 
panies which, faced wife hun- 
dreds of applications for a post, 
exclude fee over-forties as a 
convenient first step. 

Naylor asked whether fee law 
offered any hope for the over- 
forties. "Not in fee UK, it would 
appear. In 1983 a private mem- 
ber’s bill on age discrimination 
failed. Last year a similar fate 
befell a bill sponsored by Ann 
ClwydMP." 

On the other hand, there is 
notiiing to stop companies re- 
viewing their own personnel 
practices, he said. Objective as- 
sessment methods can be used 
to evaluate whether or net a 


of age, is the best person for the 
job. 

The persistence of stereo- 
types ana generalisations rein- 
force their belisvability,* Nay- 
lor said. "Beliefe become 
enshrined as received wisdom. 
This toads to aelMhlfilling 
prophesies. It is a cycle that 
needs to be broken." 


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AND THE COURTS OF EUROPE 1830-70 


30 October 1987— io January 1988 

National Portrait Gallery 

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22 


Arts 

Wee 

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With 

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ARTS 


FmandalTimciFriday October 30 1987 


Music 

LONDON 

Beethoven. Wigmore 

Hauftiw).(8a8am 
mrisAd Consort directed by Jakob 
Uadbra* Dowlaud, Byrd and otb- 
Wigmore Hall (Wed), 
hwal PhfllianaoBle Orchestra con- 
ducted by James Judd with Chria- 
ttan Bbtckshaw, piano. Rossini, 
Bmxtel, Rachmaninov, and Dvo- 
rak. Barbican Hall (Wed) (638 
8881]. 

Melos Quartet: Beethoven. Wlgmore 
Hall (Thor). 

PARIS 

Jose Tan Dun: Schubert, Brahma, 
WolC Jean-Claude van den Eyn- 
den, piano (Mod). Theatre de 
L'Alhoiee (47428727) 
l<afiate's Orchestra Cewandhans 
conducted by Kart Mssun Schub- 
ert's unfinished, Bruckner (Mon) 
TMP-Chatelet (42334444) 

Oretate de Paris conducted by 
Daniel Barenboim, Badu Lupu, pi- 


ano, Orchestra de Paris* choir con- 
ducted br Arthur Oidbam: Bee- 
thoven. Schumann, Stravtulor 
(Wed. Thur) Salle Pleyel 
(45630796) 

Orchestra Nadaul de Prance coo- 
ducted by Georges Prrtre: Res- 
pighi, Roussel. Stravinsky (Thur) 
Theatre de Champs Elysees 
(47203637). 

Paris Jan Festival (47833358) 
with the celebration of Su 
Grappelli's 80th birthday by his 
disciples and admirers and contin- 
ues with spicy melodies of the La- 
dy of Brasil and the acrobatic 
trampetist Arturo Sandoval at the 
TUP. Jean Luc Peaty's quintet is 
accompanied by the National Jazz 
Orchestra at the Zenith snd by Or- 
nette Column's quartet with the 
leaders at the Grand Res, Theatre 
de la Vflle throbs with the Fan! 
Btey quartet a trio and the Big 
Band Uunieve with Gil Evans and 
carries on the nest day with the 
New Portal Unit and later on is 
the evening with Daniel Humair 
All Stars and the newiy-di&eov- 
ered American pianist Ged Allan. 

NETHERLANDS ' 

Amsterdam Coucertgebouw. Tim 
Netherlands Philharmonic under 
Ronald Kieft with Christian Za- 

■ ebarias, piano; Beethoven (Toe) 
Riccardo Chailly conducting the 
Concertgebouw Orchestra, with 
Sblomo Mints, violin: Wageneer, 
Bartok; Schumann (Wed, Urn) 

Utrecht Vredenburg. Riccardo 
Chailly conducting the Coocertge- 
bouw Orchestra, with Ronald 
Brautigan, piano, and Peter Mas- 
seurs, trumpet: Shostakovich, 
Tchaikovsky (Mon) The Nether- 
lands philharmonic muter Ronald 


Heft, with Christian Zacharies, pi- 
ano: Beethoven (Wed) (55 8800) 
Rotterdam Doelefl- Tb« Groot Rotten 
Hum Choir and soloists in an even- 
ing of opera and operetta (Tuo) 
Recital Hall: The Fine Arts Quar- 
tet Haydn, Kralrier, Mendelssohn 
(Toe) (418 M 90) 

Scheveoiogen Circus Theatre. Extra 
* ofTcro Parker's The 


■h. 


'oangA 
h, with 


Vicki Brown, Madeline 

Gordon Neville, the New 
Chorale and Viotta En- 
semble under Wxm Bredenhorat 
(Wed) <36 88 HO 

NEW YORK 

r»lni |ir IfiTf- fit Paul Chamber Or* 
chortle and Gnarneri Quartet Pin- 
fhx zukennan conducting. Spohr, 
Neiferug, Elgar, Beethoven (Mon); 
Emily Ameling soprano recital. 
Mixed programme (Thur) (M7 
7800) 

HeAta Ban (Goodman House): June 
Muraso & John Foreoni dao-piano 
recital Ranh. Mozart. Gershwin 
(Tuea 2pm) 67th W of Broadway 
(382 8803) 

Sufteann Ball: Musical Elements. 
Gruber, Cummings, Del Tredeid 
(Toe): Pierre Amoyai violin recit- 
oLFsure, Ravel (Wed) 1296 Lex- 
ington Av (831 88(B) 

New York PbUhanradc (Avery Pish* 
er Hall): Erich Lefnsdorf conduct- 
ing, Mozart Stravinsky (Tue) Eric 
Lemadorf conducting, Nathan Mil- 
stein vioHn. All-Beethoven pro- 
gramme (Wed); Eric Lenisdorf con- 
ducting, Lome Monroe ’cello. 
Britten. Wahon. Debussy (Thur) 
Lincoln Center (874 2424) 

WASHINGTON 

National Symphony (Concert Ha ID 


Rated Prnhbeck de Burgos eon- 
ducting, Joshua Bell violin. 

Tehaikmrafcy, Resaijhi CTue* Rafael 
Fruhbeck de Burgos conducting, 
Janice Taylor mezzo-soprano with 
Choral Aits Society of W ashington , 
directed hr Norman Scribner.' 
All Brahma programme (That) 

Kennedy Center (254 3776) 

CHICAGO | 

adage Pra Mute* Chamber Music 


HalD 

[Stettin conducting, 
■IHINk Partentag guitar; Hi- 
cbaa lMnreay organ. Haydn, Badri- 1 
■ »,Sain«^ 


(4858111) 


TOKYO 



Ottkt ahi tt C bs m hi e JtnJr«wb 
PadlanLconducted by Jean-Fns- 
eois Poulard with KazuMto Ya- 
mashita, gnflc .J s 
Roderiguez. 

0379990 ) 

Frankfort Bmtta Symphony Orches- 
tra, conductor, i dul mos- 

art, Haflber, u«hi«f . Snntrny BiD 
. CTnes) (237 MSG) 

I Ensemble. lOwpi gM , Moz- 

art, Vivaldi HI total Memorial Wail, 
Shows Women's College, Sangen- 
jaya (Tues) ( 4038011 ) 

Alban Berg Quartet. All-Beethoven 
programme. Suntoiy HaD (Thors) 
(5031010) 


Opera and Ballet 
LONDON 

Rsyal Opera. Covent Garden: final 
performances of the new Nozze dl 
Figaro, conducted by Bernard Hai- 
tink, produced tv Johannes 
Schaat with a first-rate cast in- 
cluding Claudio Desderi, Thomas 
Allen, Karita Mattila. Marie 
McLaughlin and Sarah Walker (240 
1068) 

English Nations] Opera, Colisenm: 
One of the company's biggest hits 
of recent years, Jonathan Miller's 
updated mafia-style Rigoletto re- 
tains with John Rawnuey. David 
Randall and Anne Dawson in the 
cast and Paul Daniel as conductor. 
Further performances of the musi- 
cally excellent, dramatically rath- 
er weak new production of The 
Pearl Fishers and of the striking 
Wertber with Arthur Davies and 
Ann Murray conducted by Mark 
Elder (838 3161) 

PARIS 

Spectacle Group (Groupe de Re- 
cherche Cboreographique de 
TOpera de Paris) choreographed 
by Ulysses Dove, Francois Ferret 
ami Csroiyne Carlson at the Open 
Comique (42960611) 

Festival Ballet with Eugene 
Onegin, choreographed by John 
Cranko with Natalia Makarova and 
Peter Schaufliss . Th eatre des 
Champa Elysees (47203837) 

WEST GERMANY 

Berlin, Deutsche Open A guest per- 


formance by the Alvin Ailey Amer- 

. lean Dance Theatre Also a guest 
performance by the London Royal 
Ballet Covent Garden with Stra- 
vinsky's Fireblid/Scenea de Bal- 
let/The Rite of Spring; choreo- 
graphed ter Mikhail Fotise, 
Frederick Ashton and Kenneth 
MacMillan (3 43 8i) 

Hamburg, Staatsoper: La Boheme 
features Julia Cornwell. Rachel 
Joselson and Francois le Roux. 
Ariadne auf Naxos is conducted 
by Klauspeter Seibel and has 
Hildegutf Hartwtg, Gertrud Hofik- 
tedt, Judith Bockmann and Toni 
Blankenheim in the main parts. 
Heseon Kwon, Helen Donato, Yo- 
ko Kawahara and Stamm 

star in The Magic Flute. Die Ent- 
fhehrung a us dem Serai! is also in 
the repertory and The Nutcracker, 
choreographed by John Neumein 
is revived with Jessica Font Bet- 
tina Deckmann, Jeffrey Kirk and 
Gabriel Manferdini (35 U 51) 

FrxnkfUrt, Opera: The Frankfurt 
Open wider its new director Gary 
Bertini opens the new season with 
two opens by Christoph Willibald 
(Buck, Ipbigenie in Awls and [phi- 
genie auf Tamil. They will be the 
first productions in Germany of 
Greek producer Michael Cscoyxn- 
n is, famous for the film Zorba the 
Creek. The sets are by Dionisis Fo- 
topoulos, the conductor Gary Ber- 
lin) The cast includes Clarry Bar- 
tba and Gabriele Maria Rouge, 
both new to their roles: John Broe- 
cheler, Mariana Lipovaek, Curtis 
Rayam and Vladimir deKanaL 

Cologne, Opera: Pique Dame, pro- 
duced by Rudolf Noette will have 


its premiere this week with the 
cast led by Martha Mod) Nadine 
Secunde and Josef Protsehka 
make their debut aa Lisa and Her- 
mann. Dimitrij Kitaj enko conducts 
for the first time in Cologne- Der 
Barbier von Seville rounds off the 
weefc£20761) 

Stuttgart, Wuerttembergisches 
Staatstheaten Die Entfoebrung 
a us dem Serafl. produced by 
Niels-Peter Rudolph will have its 
_ this week. The east 

rripHw JjH Yasnko Ka- 

«n Owe Heilmann and Hcdmut 
Berger-Tuna together (2 0821) 


NEW YORK 

Metropolitan Open (Opera House): 
The first seasonal performance of 
Franco Zeffirelli's production of 
La Boheme conducted by Julios 
Budel hi g hli g hts the week with 
Roberta Alexander and Brian 
Schexnayder. Continuing are Otto 
Schenk's production of Die Walk- 
on, conducted by James Levine 
with Hildcjurd hAh>ii«, Timothy 
Jenkins anJ Him, Satin; and Fran- 
co Zeffirelli's production of Traca, 
c o ndu ct ed by Christian Badea 
with Eva Mar tnn, Sherrill Mllnes 
andl talo Taj a. Lincoln Center 062 
8000) 

New York C«y Open: The week fea- 
tures Jack Hoftis's production of 
Tire Student Prince conducted ter 
Paul Gemignani, with laig h 
Munro, Dominic Cossa and Jon 
Garrison in the title rote. Perfor- 
mances include Tosca. with Eliza- 
beth Rolleque in the title role con- 
ducted by Alessandro siHiimi jq 


Frank Cano’s production^ along 
with Tbeandot Lincoln Carder (870 
5570) 

Jeffrey Ballet (CHy Center): The 
month-long schedule has three 
premieres, including a Robert Jof- 
feey Nutcracker, Nijinsky's Le 
Sacra de Frintamps and Three 
Preludes by Ben Stevenson set to 
Rachmaninov, along with Freder- 
ick Ashton's La FiHe Mai Gardee 
and nearly 24 repertory fevourttes. 
Ends Nov 22. 58th & of 7th Av. (947 
5850) 

Backet Danes Theatre (Joyce): Garth 
Fagan's modem company, with Af- 
rican and Caribbean flavours, pre- 
miere passion D istan ced and 
Traipsing through the M«y. 1758th 
Av at 19th St (242 0800) 


TOKYO 

Deutsche Opera Berlin: Siegfried 
from Wagner’s Bing, director Gotz 
Friedrich, orchestra c o ndu ct ed by 
Jesus Lopez Cobos. Soloists in- 
clude Robert Hale. Horst Hiester- 
H«im 1 Gottfried Daniels 

Bechly, Catarina Iigendaa, Jadwi- 
& Rappe. Tokyo Banka Kattan 
(Wed) (725 8888) 

SufrasehcsBalM: works include 
The Dreamer, choreographed by 
Jerome Robbins; Concerto in D, 
Poulenc, ebareograpbed by artis- 
tic director Helgi Tomasso n: 
Theme and Variations, choreo- 
graphed by George Balanchine. 
Tokyo City Philharmonic Orches- 
tra conducted by Denis de Cbteau. 
Talgo Kosei N enkin Kaikan (Mon. 
Tow, Wed) <913 3888) 


Theatre 


LONDON 

Separation (Hampstead):- Powerful 
sequel to Duet For One by Tom 
Kwmpinaki using that play as fur- 
niture in file transatlantic love sto- 
ry of a crippled aetren and over- 
weight agoraphobic playwright 
David Sachet and S**ku» Reeves 
give all in Michael Attenborough’s 
production- (01-722 8301) 

Ike Rarer (Mermaid): Jeremy Irons 
roisters into town in the BSCa 
Swan production by John Bartott 
of Aphra Bohn'S rollicking come- 
dy. Hays in repertoire with the 
Chernobyl play, Ssi cap hag as, an 
urgent but dumsCy crafted hospi- 
tal drama ret in a terminal radia- 
tion clinic aa the first -victims of 
the disaster are wheeled in. 
(01-236556801-6388891) 

A Haa For All Seasons (Savoy); 
Chariton Heston begs no favoura- 
ble comparison with Paul Scofield 
as Sir Thoma* More in a leaden 
production of a play best left to 
* amateurs .'and tasdltMkh sMB! 


Antoiy and despairs (Olivier): Peter 
Ball’S best production tor the Na- 
tional Theatre be leaves in 1968 
brings great bid notoriously 
difficult play to doming life. Jodi 
Dench inH Anthony wa pinws are 
battle-scarred lovers on the brink 
of old age. Dench la angry, witty 
and ultimately moving. (01-828 
2252) 

The Ftaatam sfffte Opera (Her Maf- 
esty's) Spectacular and emotion- 
ally nourishing new musical by 
Andrew Uoyd Webber emphasis- 
ing the romance fa Leroux's lDll 
novel. Happens te a wonderftd 
Paris Open ambience designed by 
Maris Bjornsoa Dave Willetts has 
succeeded Michael Crawford as 
the Phantom. (01-839 2244, CC 
01-379 6181/MO 720Q) 

The Balcony (Barbican): Sadly dated 
and heavy-handed opening to the 
RSCs Genet retrospective, not 
helping to fight suspicions (hat the 
R SC, certainly in London, is 
stretched way beyond its creative 
capacities. Terry H ands directs, 
Fhrrah's set looks like a cheap 
pink brothel and the actors, a dull 


lot. dump around ouhigh boots is 
[costumes. <01-628 8795) 
Usbvayif Stunning re- 
-directed fay Hike: Ockrcnt 
and d e signed fay Maria Bjornson, 
of Sondheim's - 297T musical in 

- which poisoned marriages nearly 
undermine an old burlesque re- 
union in a doomed theatre. Foot 
new songs, improved book fay 
James Goldman. .Cast led -fay Do- 

- lores Gray. Julia McKenzie, Diana 
Bi gg, 'Danie l Massey. - AU good. 
(01-379 5399) - 

■rfw CHnymarkeO: Alan Bates ore- 
dietahtegood-in nmr-Siraog&ay, 
clumsily directed fay Christopher 
Motabsa. about ajealous .publish- 
er viewed in Cashback from, a psy- 
chiatric ward after -a breakdown. 
Menopausal mutterlugs; .ttot -rini 
tage Gray. (01-830 8832) ■ 

Se rious Mvae y (Wyndham’s): Itana- 
ffer from 'Royal Court of duryl 
OrarchUTs r uck city comedy -for 
channuanoewllling. yimsies; .how 

. and barrow-boy dealings on. the 

- 8tockEzdiange.HotabdiMd.-bat 
new cast de e med less good. (Olaaa 
3028.CC 01-8796685) 

A 8mD Family Bari ■war (Olivieri: 
Brilliant new -: Alan. Ayckbourn 
play about Britain on the fiddle in 

. greedy times, selling : out ta for- 
eigners and keeping R slnnLita- 
neously in- the family. -A comedy 

thriller ou the large scale. (01-028 


NEW YORK 

Fences (48tti Street): August Wilson 
hit a home-run, this yeu^s Pulitzer 
Prise, with James Earle- Jones tak- 
ing the powezfrU lead role of an 
aUbasefcaDjdayerraisingafiunL 
ly in an industrial city in me 1980s, 
trying to improve nek lot but 
dogged by bis own failings. 
( 212 - 221 - 1211 ). 

Ckte (Winter . Garden): Still a sellout, 
Trevor Nunn’s production of T.S. 
Kliof i children* poetry set' to 

er staid and over-b lown idea of 

GtadtenK^^^^^^mmodest 
celebration of the heyday of 
Broadway in the 1980s Incorpo- 
rates gems- from the original «im 


like Shuffle Off To Buffalo with 
- the appropriately brash and leggy: 
...hoofing by -a Urge choros line. 
(232^779020) 

A Chares Uh (Sraberth The Ion- 
'• gest rennihg musical.. ever ' ip 
' America baa not only 'supported 
.--.'Joseph Rapp’s Public Theater for 
e£ght years but also updafed the 
. ' musical genre with its backstage 
•toy is which the songs are used 

- 'aa auditions rather than emotions. 

- .dhaosaod) 

Lit Cage anx FiSra ^Palace) With 
some tunefhl Jerry Herman songs. 

- - Harvey -Ffentarfa adaptation of 
. the Fran<di flhw manages barely to 

capture thtfod of the sweat and 
hilarious original- betwe en higb- 
• ^and y ebotus mud- 

rm Not Kapyaport (Boethfa. - The 
- JTOnySi best play of 1888 won mj the 
streMph of ttowaxd-of-maath pop- 
ularity for the twooidsters on Oew 
teal Park benches who. bicker up- 
. present 
plotto 


-and fotore, wftfi a 
- . match. (212-539620O) 

Les Mlsanbles (Broadway) Led by 
Calm Wilkuuou . repenting his 
West End rule as Jean VaUean, the 
magnificent spectacle of Victor' 
.- Hugo’s majestie sweep of histitty 
and pathos brings to Broadway 
lessreu to pageantry and dreau. if 
not strict adherence to its original 
source, (213339 6200) . - 

Bt arii gh l Express (Gerahvrin) Those 
. who raw. the original at the Victo- 
ria in London will- barely recog. 
niseffr American incarnation:' the 
skaters do not have logo nnmd the 
wttole'ttieatre but. do get good ex- 
•- arise- in the. spruced-up stage 
with new bridges and American 

- s cener y to distract from the hack- 
. neyed pop music and trumped-op 

Silly pkK. (222-5888310) 
lie and My Girt (Marquis): Even, if 
tire plot taros on inode mbniery of 
Pygmalion, forgettable songs and 

- dated leadenness in a stage fell of 
characters make this is no classic. 
But it has proved to -be a durable 
Broadway bit with Its marvellous 
lead role for an agile, engaging 
and deft actor, preferably British. 
(212-0470038) . 

The Mahaibhanta (BAM Majestic) 
Peter Brook’s nine-hour interpre- 
tation of the world's longest poem 

- inspired the -refurbishment of an 


Old Brooklyn vaudeville theatre to 
accommodate it for a three- month 
May u part ofUm Brooklyn Acade- 
my of Hume’s New .Wave Festival. 
Ends January 3. <212-047 5850) 

Joe Turner's Cane and Gone (Site 
' -gerfArena): Tony Award- winning 
playwright August Wilson turns in 
this play to a rooming house at the 
turn of the century where black 
people conjure up spirits that con- 

- .sect them to thfer heritage- Eads 

Nov*mber2Sr(21Z-4883300} 

All foe King's Men (Aresak Adrian 

- Hall’s adaptation of the.. Robert 

- perm Warren novel explore* ti»* 
assassination of a demagogue dur- 
ing the Depression. Music by 

- Haudr Newman. Ends November 
. 22.(212-4883300) 

TOKYO 

£es UsenUn. After London and 

- New York, now Tokyo and the Jap- 
anese version of the Tony Award- 

musical. The cast was 
(from an astounding 
LUOO hopefuls) Yq the creative 
. team of producer Caaeron Mack- 
intosh, trained for ateie months in 
a special ’ecole’ and rehearsed by 
director John.Caizd. Costumes, set, 
sound, lighting have been super- 
vised fey the respective original 
. designer flown in from London. 
Toho’s Lea Mlserables la a tri- 

- mnph. The best production of a 
Western musical in Japan, it dif- 
fers little from the orgiual London 
version. Convincing and moving. 

. fob top-quality production down 
what can be achieved with proper 
. casting and tralni ng. Sponsored by 
the cosmetics company, Shiseido. 
Imperial Theatre, near Ginza. 
(813-2017777) 

EtboH {BafenU-sa): The matinee 
plays are best. Excellent informa- 
tive English earphone eommen- 

- tary and detailed programme 
notes. EabaJCKa, near Ginza. 
(813-5413131) 

The Little Shsp of Honors: The origi- 
nal American version of the Dff- 
Broadway musical stars Marsha 
Waterbary and Bert Hikes It is 
iuced by David Eastwood and 
by Victor Valenti one. 
Theatre Apple, Kabuki-cbo, Shin- 
juJeu, near the town’s liveliest 
night spots and in the heart of ne- 
ou-city. (813-209 0222) 

Conttnued us Page 23 


1 


t, 

U-..V 


u 


produced 

directed 


★ ★ THE BANKER ★ ★ f 

FOREIGN BANKS Dl LONDON— NOVEMBER 1987 


The Banker will publish its annusl appraisal and Urting tA all forrigniraiiks and banking institutioiis in London, in its forthcoming 
November issue. 

listings include location, status. ttapagemTiTrt and staff details of every branch, representative office, snhsidinry, joint v p nhr ry * 
securities house. 

Additional editorial emuttentaxy will focus on US, Middle East aad Japanese banks fat London. 

This issue of The Ranker is acknowledged as an essential document erf reference throughout tha rate maHnn^ i banking community . 
Far further i nformati on and advertising details please contact: 

Jan e G uest • 

THE BANKER 
US-108 Clerkenwell Bead 
London EC1M 5SA 

Tel: 01-251 9321 Telex: 23700 F1NBI G Rub 01-251 4886 


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S ■ 

I 


CanadSf 



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y 


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FinandaT Times Friday October 30 1987 


ARTS 


A." ntsssss 

*u$4» 

^.-*V2KS 

aWSS 

. ■’ "-.i-— ^-iU* 

i .:■•-*** :a 
••- ^.-i-:*k 

! . .■* ... r- if,. 

-v-SSe 

3:3? 

<a ^ai >h 




■ s -‘-=fcS!3 


Ginema/Nigel Andrews 


A sonic backdrop for directors’ antics 


Aria (18) LumJere 
Bites (18) Odeon H 


Bites (18) Odeon Haymarket 
Nightmare On Eton Stmt 3 

( 18 ) Leicester Square Theatre 

Who’s Iliac Girl (15) Warner 

West End 

The Black Cannon Incident 

(PG)JCA -,-... ,. 

Filming opera is a dangerous 
business. All too often it involves 
sacrificing cinema’s qui cksilv er 
immediacy and realism on -the 
altar of High Theatre. Busty so- 
pranos -and aging tenors, who 
from several rows back in the 
stalls can just about pass muster 
as youthful princesses or dukes, 
low, on screen, Hke busty sqpra- 
nos and aging tenors. And when* 
ever the camera homes m on 
singers for a close-up, we are 
presented with sights that only 
dentists should have to endure: 
cavemously gaping mouths with 
quaking tongues and tonsils. 

In Aria maverick British pro- 
ducer Don Boyd, of Scion, The 
Tempest and The Last Of En- 
gland, has bravely tried to rout 
the tropes and cliches. Assembl- 
ing a hit squad of imaginative 
directors - including NJBoeft J-L 
Godard and R Altman - he has 
told them eadi to go off and film 
an aria. Being imaginative, they 
have mostly rejected the stand- 
up-and-belt syndrome: indeed 
marry of them have rejected the 
instruction to shoot an aria. Roeg 
enfolds a whole medley of ex- 
cerpts from Vn Hollo- fn Mas- 
chera, used as background score 
and taken from a recording, in 
his cloak-and-dagger costume vi- 
gnette,' recreating an assassina- 
tion attempt on Albania's King 
Zog. And Julien Temple holds 
Rigoletto upside down and 
shakes out all its famous musical 
change for his adulterous come- 
dy caper set in a fantasy znoteL 

The aims of the film are bold, 
but -a diabolical catch-22 -soon 
cones into play. The less adven- 
turous or more Mutinously liter- 
al-minded of the nine directors - 
Bruce Bereaford filming Korn- 
gold's love duet from Die Tote 
Stadt in a treacly mediaeval 
Mow or Franc Roddam turning 
Wagner's lieb e atod into a love- 
making marathon for two teen- 
agers in a Las Vegas hotel (with 
ntual suicide for afters) - are at 
least faithful, in a fashion, to the 
music and the movie's mandate. 
By contrast the more inventive 
directors - Ken Russell pouring 
the strains of “Nessun Donna* 
over a gory car-crash, or Godard . 







Anit a. Honda in Julian Temple’s section fton "Aria" 


setting a Lully aria in a gym 
where two girls vainly- expose 
their charms to the self-adoring 


iron-pumpers - produce weird- 
and- wonderful impromptus that 
could belong in almost any film 
with almost any music. 

Indeed as Aria goes on, one 
feels more and more that not 
only is there no winner in this 
sudden-death play-off between 
great music and good-to-great 
movie imaginations, there is not 
even any real meeting paint. lit- 
eralistic fidelity betrays itself as 
trite and myopic: most of all in 
Bill . Bryden s •re-nw-hrBng Unit- 
ing scenes which have John Burt 
emoting away as a love-wounded 
tenor about to don the Patfiacci 
motley. And infidelity, however 
imaginative, devalues the music 
by using it as sonic wallpaper for 
the director's own antics. At the 
film's end, yon feel the onanistic 
world of the worst pop promos 
has now visited opera: that a 
brave idea for shaking up opera- 
on-film has ended up as a mosaic 
of variably lively, but almost 
uniformly dead-end and adf-re- 
garding, doodles. 

■ A far more attractive line in 


non-seqnitur Is found in Ray 
Lawrence’s BUss. Scripted by Pe- 
ter Carey from his own fine nov- 
el, thte surre&l comedy from Aus- 
tralia concerns the mid-life crisis 
of one Harry Joy (Barry Otto). 
Or do we mean the post-life cri- 
sis? For it is unclear whether our 
40-fsh advertising-executive he- 
ro, after suffering a mqjar heart 
’attack, has woken up in Earth or 
Heaven. Or, far that matter, as 

Mnwplf n yma Hril 

His wife is betraying him with 
his best friend. Hto daughter is 
orally involved with his neo-Nazi 


orallyinvolve 
son. Harry himself keeps having 
weird visions (live sardines drop 
from between his wife’s legs, 
cockroaches crawl out from His 
own stomach). And the whole of 
1970s Australia Is a-swim with 
medical fatalism and environ- 
mental paranoia. “How are you, 
AldoT* Harry asks his favourite 
head waiter one day. “We eat, we 
shit, we die,” cranes the answer, 
T myself am dying of cancer/ 

This all sounds about aa funny 
as the Domesday Book. But di- 
rector Lawrence gives, it a 
springy, jet-black stylishness 
which ensures Chat surprise 


. stomach). And the whole of 
s Australia Is a-swim with 


keeps leapfrogging over distaste. 
(The first surprise Is an astound- 
ing crane shot which climbs 800 
feet to glue « a God’s-eye view 
of Harry s seizure in his garden). 

Only when satire gives way to 
sermon, and the movie's second 
half guides Harry into a back-to- 
nature romance m the Booh with 
a life-affirming hippy (Helen 
Jones), does the tone niter, turn- 
ing* usd: comedy into a sort of 
Party Political Broadcast for the 
Greens. Before that it is rude, 
rumbustious and unpredictable. 
And no film could be without 
provocative vigour which pro- 
duced, on its first Showing at 
Cannes two yean ago, the most 
memorable cacophony of bang- 
ing seats and departing-in-a-hofi 
spectators 1 ever remember. 
Even at tiie cutting edgs of mov- 
ie sophistication, abdominal 
cockroaches and infeercrural 
sardines are too much for some. 


A Nightmare Jn Elm Street S 
is too little, surely, for anyone. 
In long-running movie sagas, the 
"tzeqoeT tends to be the point 
where stamina sag s and stupe- 


Ravel double bill/Apollo, Oxford 


Rite of Spring/Covent Garden 


Glyndebonme Touring. Opera’s 
1987 season, has' made its first 
landfall at Oxford, for a week of 
performances of the three works 
that make up this season's pro- 
gramme . - Cosi Jan tutte, 
L’Sewre espagnol and L" Enfant 
et les sortileges ,* nd Osborne’s 
The Electrification of the Soviet 
Union, -unveiled at Glynde- 
boume three weeks ago. Novem- 
ber win take the company an to 
Southampton, Manchester and 
BinniMham. 

The Frank Corsaro/Manrice 
Sendak staging of the two Ravel 
operas was first seen at Glynde- 
bounoe in July. The productions 
have been rehearsed far the tour 
by Patrick Young (L’Efeure) and 
Kate Brown (L’Ertfdnt) with al- 
most wholly new caste, though 
the principal singer for each is 
retained. There is no reason to 
think that the style of either pro- 
duction has been rethought in 
the Intervening months; indeed 
the visual and dramatic concep- 
tions would seem to leave little 
room for maneouvre. If L’Heure 
espagnol appears the more sue-, 
cesarnl now - though less disas- 
trous might be the more accurate 
distinction - that is because the 
piece fteelf is more' robust, less 
delicately poised, and the crude 
brush strokes at Corsaxo’s i m ag e s 
can do less damage. 


Arts Week 

Cwttnsed from Page 2£ 

Exhibitions 

LONDON 

She Tate Gallery. Turner in the new 
Close Gallery: The Tomer Be- 

r at, which amounts to nearlySOQ 
paintings, finished and unfin- 
ished, and a further 19,000 or so 
watercolours and drawings, has 
been a source of controversy and 
dissension ever since it came into 
the nation's more than 190 
years ago. Tomer had , always 
wished mr a gallery to himself 
which would show all aspects of 
his work. Whether he would have 
approved of James Stirling's ex- 
tension to the Tate as a settable 
setting is a nice question. The lar- 
ger paintings may be hong too low 
for one who lived in a more osten- 
tatious age, and the tasteful oat- 
meal Stirling baa decreed for the 


Andrew Clements 

Admirer s of Sendak iconogra- 
phy will delight in the visual de- 
tail of both settings - they will 
fasten upon tire Night Kitchen 
cooks in the grandfather clocks 
of L'ffeure, and the Outside 
over There goblin in the magnif- 
icent mechanical timepiece that 
dominates the same opera, 
which itself must send thruls of 
memory down the spines of any- 
one who remembers the Guinea 
clocks from British se aside holi- 
days in the 1960s. But the level 
of cleverness is too often suffo- 
cating. The action of L'Haure Es- 
pagnol Is awfully hammedL 
while L’Enfant’s subtlety and 
perception is totally swamped in 
factitious glost 

If ever there was a librettist 
who could manage without the 
help of a Freudian subtext it was 
is Colette, and the introduction 
of a stepfather into the farm- 
house manage; presumably to ex- 
plain away the child’s alie n atio n , 
seems almost an impertinence in 
such a beautifully wrought struc- 
ture. Such devices, and the way 
in which media are mingled with 
ill-disciplined abandon so that 
the potential magic of the front- 
gauze animations become just 
another piece of self-conscious 
cleverness, begin to invoke the 
law of iHwifaiwitng returns long 
before the end. 


principal galleries is a fef cry 
from the rich plain he is known to 

have preferred. The vulgar n«»»de- 

co of the entrance hall has litfle to 
recommend it Bat eight rooms far 
paintings find one fbr watercoi- 
oars give room enough, and with 
the three reserve galleries up- 
stairs, every painting but the few 
in restoration or on loan is on me 
walL 

PARIS 

Five Costarica of taahh Art: An, 
ambitious ensemble of tour exhi- 
bitions retraces the history of 

- Spanish art from the Golden Age 
to today. The two.most important 
exhibitions are Greco To Picasso 
at the Petit Palais and Picasso 1 * 
Century at the Musee d'Art Mod-, 
erne. 

In the Petit Palais is Greco with a 
vast visionary Ba p tism of Christ, 
Velazquez with, a portrait of Phi- 
lippe IV in -his hun t in g clothes, 
and Gore with a portrait ofMario- 
Loolse in a black- l a ce m a ntill a. ■ 


dement Crisp 


SWITZERLAND 
BANKING, FINANCE & INVESTMENT 
The F inancial Tunes proposes to publish this 
survey on 

TUESDAY 15th DECEMBER 1987 

Fa fa&er injbnaatkm pkax contact: 

‘ -Chuitei' BwsiHs* *» 022&11 60* 

- Financial Times (Switzerland) 

. IS rue duCendrier, 1201 Geneva 
or Patricia Surridgc • 

■ Bracken House, 10 Cannon Street 
London EC4P 4BY - Td: 01-348 8000 extn 3426 

FINANCIAL TIMES 

■' • EUROffS JRJtoESS NEW3WVER 


. The playing of the .principals 
roles in both works offers sane 
compensation. Anna Steiger’s 
Concepcion is easily the main 
pleasure of L’Hettre. adding 
practiced comic touch to the 
gifts rite has disp layed i n rotes ' 
for other companies; her assorted 
Suitors - Nell Jenkins (Torque- 
znada), Robin Leggate (Gon- 
zalve), Peter Rose (Gomez) and 
Robert Poulton (Ramiro) "ze at 

lowed little latitude, and under- 
standably in the circumstances 
keep the humour as elementary 
as possible- likewise In L'Brtfant 
the single survivor from the 
Glyndeboume run, Cynthia 
Buchan's Child, is the one per- 
formance of real accomplish- 
ment, though Neil Jenkins's Tea- 
pot and Arit hmetic are sharply 
focused, and Maureen Braith- 
waite’s Nightingale fe spotlessly 
sung. 

Sian Edwards conducts 
L’Heure, Grate no Jenkins LEn- 
fant both obtain some highly 
characterised sak» playing from 
the London Sinfonietta Opera 
Orchestra. The operas are pres- 
ented with surtitles, though 
French diction is largely excel- 
lent far some they win be the 
final Irritant in an often Infuriat- 
ing evening. 


Picasso's Caatmy is dominated fay 
fbemaster, from the period of ana- 
lytic cubism to 90 preparatory 
sketches tor Guernica and to Us 
last wotea. Bat there Is also Joan 
Gris, and Mira, Dali and Tastes. 
Petit Palais, Are Winston «W' 
«*m; Mohs d'Art Moderns da la 
VHte de Paris, Are President Wil- 
son. Both exhibitions are closed 
on Mtmdays and both end on Jana. 

Fragsrerd: The Grand Patels is stag- 
ing the first r e tros pec ti ve of Pro- - 
acmard in collaboration welth the 
Metropolitan Unseam, Now York. 
About 100 paintings and as many 

- dr a w i ngs celebrate the artist’s 
lore of Maotr. b» which he saw a 
manifestation of ‘nature’s perfect 
health”. The depth of observation 

■ in his Roman landscapes. Jaytho- 
Ictflcal scenes and portraits coun- 
terbalances the decorative {facility 
of the Scenes Galantes so typical 
of the 18th century. Grand Palais. 
Eads Jan 4. 

AiteasW presents a panorama of U 
yean oftta activities in tovonr of 
eontempararyartaaagsllMy«all- 
hraxy and as an editor of "multiple 
original^ of statues and jeWels, 
contemporary fiuuitaro, Souls De- 

la may's personal dinner Matas 
aod alWO carpet The gallery's ex- 

- hibUtonshare tried to present the 
Image of tbs goth century. Somla- 
Dalatmay was followed by Giorgio 

, de CMririN Zadkine’s retrospec- 
tive by lun Bay photographs. 
There was aculpt n ge by Chadwick 

- and titi art of the poster by Mn* 

tfsse. AB culmtoated ta a homage 
to the tale President Pompidou - 
Uks Artcurial a lover of the 
avoutgarde. ArtenriaL 9 Are Ma- 
ttgncm KndaNov 14. 

Landscape la the Flemish and Dnteh 
Bch oe fc Light and colour ch a n ge 
bat the painter's pleasure in re- 
cording them never varies. The. 
Brueghel Dynasty, the Bredael 
Brothers and Charles Bescfiay are 
represented in paintinp on cop- 
perplates or wooden panels of uh-. 
nBmmhw nrDDCztfons but In all 
the petteeciaiiQr their art. Galerie 
d’Art Saint-Honore, 287 Roe 
Saint-BonOre (flB Ol HB ) . Ends Doe. 
4 


7710 Royal Bailee’s current Stra- 
vinsky. programme has fcfd two„.. 
further performances Since I re- 
ported on it; - each bringing new 
casting as well as the continuing 
pleasure of the orchestra's fine 
interpretations under Bernard 
Haitink. 

On Monday night Maria Almei- 
da was seen for the first time as 
the Firebird. With her precise, 
clean line - she cuts the dance 
from the air with exceptional 
clarity - and her elegant phras- 
ing, Miss Almeida has the gifts 
the part needs. Whmt must come 
with further experience is an Im- 
periousness, a sense of magic 
power able to quell Kastchey’s 
horde, which will endow the bird 
with the ’mighty beat of wings’ 
that Foldne asked for from Kar- 
savina. . 

It is this lustrous physical pres- 
ence, the grand flash of the 
da n ce exemplifying the bird’s su- 
pernatural force, which coloured 
every moment of FToxut Chad- 
wick’s interpretation last night* 
No less vivid her feeling for the 
drama in the Firebird’s struggle 
with Ivan, and the majesty of 
her line: here was Foklne's cre- 
ation in all its gloxy. The most 
notable event of these perfor- 
mances, though, was last night’s 
appearance by Simon Rice as the 
Chosen One in The Kite qf 


Spring. 

. Kgnqeth MacMillan has been 
corpidtinuig casting a male danc- 
er in the role for some time. In 
Mr Rice he has found a, young 
artist who, after five yean In the 
company, has proved himself an 
Interpreter of dramatic sensitivi- 
ty and technical resource - we 
have but to recall his success in 
parts as varied os Puck, the Nut- 
cracker, and Alain in PtUe. 

As the Chosen One he was out- 
standingly good. At the moment 
he becomes isolated by the El- 
ders from the gro u p of adoles- 
cents (an male on this occasion) 
we sensed the inevitability of the 
forthcoming immolation. Simon 
Rice shows the innocence and 
the vulnerability of the youth, 
seeming first to dance from a 
centre of stillness. As the rite 
takes hold of him, as his body is- 
galvanised into frenzied and yet 
more exhausting movement, we 
see (as we did with Monica Ma- 
son’s tremendous original) how 
the possessed being incarnates 
the tribe's hopes and is touched- 
with a supernatural dignity, 
driven by forces outside himself. 
The dance inhabits him, and it Is 
a measure of Mr Rice's artistry 
that we should understand so 
grandly the course of this grip- 
ping physical drama. It is a very 
fine achievement indeed. 


WEST GERMANY 


In u te l i. Staatsaslerle Modorner 
Kunrt: Sculptors from the German 
Democratic Republic (Seat Ger- 
many). A remit of the cultural 
ag reement or ICay 1880 between 
Eanraad West Germany, thhr exhi- 
bition taelhdCM QO sculptures, 
some orthem larger than life, and 
about 80 pai nting* of sculptur es by 
Bl artists, sad covers four decodes. 
& often a vlow of graphic worts 
that hare not even bees sees la 
Bast Germany before. Among the 
artists are Gustav Setts, Frits Gre- 
ater, Werner Starter, Hermann 
Gloetner, Woldeman aril 8iMne 
Graimek; ingeborg Huwtnfiar and 
FranxLska Lobeck. Nov 8 to Jan £ 
■ jiumjieim ffimthilki 

from Jan S3 to Feb 2L 


TTld—hi la Ud . Ftell- 

saens-Mareum, Am Seine l<t 
Egypt's rise to a World P ower . 
More than Bn pieces loaned fay ao 
mus eu m to Rarope, Africa and 
America -the flrat pr e sentation of 
the most Important JOB rears 
1550-1400 BC of the New Empire to 
Egypt. The hast Of Pharaoh Ttat- 
moris HL discovered la 1807 uifo- 
oat a tore, can be seen complete in 
HndMfietok The free, found is 
Sgypt only 80 yean, age, was 
ImnniT try a film Mnsnnsi ft until 
or highlight is a reconrtniction of 
tite SJJCOrearold bfcriai chamber 
of S uu n efe r, the fonder mayor of 
antique TheM*. Clothe*, tumse- 
hold appliances, ***** eogmettea 
aadJewrtl«ty]QtoStntofheevun>' 
day 1Mb of Egyptian dtixeas. Ends 
Nov 38b - 


NETHERLANDS 


from **»* Gonrtauld fir l T y?ti**t tour 
America with p ain ti n gs by Ce- 
zanne, Manat, Renoir, Seurat and 
Gencnto.RndsJana 
tmUriwi, W|hmn w«e A sweep- 
ing view of 17tfa-cen tary Dutch 
ltlkdJCtM nuin Hng. with more 
than 100 works by over SO artists 
tracing the development of the 
genre and Its offkhoots from the 
dense creations of Vlnckhoons 
sad Savoy via the chilly winters 
of Avercamp, the trenqullitr of 
Ruysdaei. the golden light of Cuyp, 
the towering clondscapes of Rnis- 
- dael, to the wooded scenes of Hob- 
bema. Ends Jan S. 

SPAIN 

llsn i tens' "Leonardo da Vinci. Na- 
ture Studies*. 50 drawing! on loan 
by the Royal library at Wtodsor 
Castie. shown recently at tbe Met- 
ropolitan Mu se um . Stockholm and 
Tosyo. Centro Cultural La Catoa, 
Faaeo de Saa Joan MM. Ends NovS. 
Mairhb “Beuys, Klein and Bothko. 
Transformation and Prophecy*. 
Centro Cultural de la Cam, Ser- 
rano 60. End* Nov 8. 

Madrid: "Mask Rothko W JMBTtr. 54 
works by North American artist of 
Rmudan origin grouped with de 
Kooning andFoUack This show 
was seen recently at the TUte to 
Lohdofe FundadoD Juan 
Mareh.CastoHo 77. Ends Jan 3. 


NEW YORK 


l i ltn l iii , Friai Hendrik Jiarttime 
Mnseaxn. Art at cataottflags, or 
camouflage as arti The starUtog 
‘applied vortielsm’of marine daz- 
zle painting developed to tbe First 
Worid Mar by Norman WUktnson 
to decefre tte eaeaar as to a ahip^s 
real position and coarse: Ends Doc 
fiArt Institute: 48 key Impression- 
ist and Post-Impressionist works 


> %nterAm of Sultan Saltynim 

IKa ll8gRifiAgfrt lirtWW ffl t l w lh ttlfr 

WeawTEd dSa at the high point 
of Ww ottoman empire in the six- 
teenth through tbe lam 

selectton of U hro inatod Buuut- 
scripts,thelmpetialwanlrobo,eo- 
reaiics and jewri-encrusted weap- 
on. Ends Jan n. 

Center far African Art* Angles on Af- 
rican Art features ten co-curators, 
rangtoa fr om an African tribesman 
to collector David Rockefeller, 
eeeh of whom chose 10 of their fa- 
vourite pieces, making a 
well-rounded and diverse show. 
Other curators are .write. James 


Tomorrow Was War/Lyttelton 


faction takes over. So it Is here. 
The dreadful Freddie, ghoul and 
caretaker, is at it once again, 
subjecting teenagers to his six- 
inch stem fingernails and to his 
complexion resembling the worst 
excesses of a pizza restaurant 


Craig Wasson and a platoon of 
‘‘sleep-disturbed" kids from a 
psychiatric home. Robert En- 
glund to mice more the NapoLe- 
tana-faced caretaker, Chuck Rus- 
sell directs, the script (co-written 
by the saga's originator Wes (ha- 
ven) is abysmal and the only 
.thing worth cheering is the spe- 
cial-effects work by Peter Ghes- 


One detail newly revealed in 
Nightmare 3 is the ghoulish 


des crip tion of many Hollywood 
films: not least the new Madonna 
vehicle. Who’s That Gsri Out of 
What’s Up Doc ? by Bringing Up 
Baby, its mixed parentage to evi- 
dent in a plot frantically blend- 
ing 3Qs-screwball and 7u»- wacky 
- our fresh-out-of-jail heroine m 
led a whirlwind dance of slap- 
stick, ro man ce and escaped cou- 
gars - and in a Madonna perfor- 
mance that suggests tbe voice of 
Judy Holliday vainly trying to 
match the free of Celeste Holm 
^with make-up by Groueho 

Meanwhile, out of After Hours 
comes hero Griffin Dunne, re- 
prising his harrassed yuppie of 
Scorsese's film. And out of no- 
where very certain, probably the 
wrong side of the bed, cranes di- 
rector James Foley. He should 
clearly have gone hade and got 
another eight noun sleep before 
presuming to sort all this lot out. 

Theatre news 
in brief 


The final visitors to the National 
Theatre's international season 
have arrived from Moscow. The 
Mayakovsky Theatre Company 
raised the curtain a mere quar- 
ter-hour late on Boris V&sswev's 
adaptation of his own novella, a 
lode back at the last summer of 
peace and Innocence in a small 
town before the Soviet Union’s 

participation in the war - a sort 
of Russian Class of -40, as it 
were. 

The story to told in flashbarlr 
by Zhora, now a fighter-pilot 
(the frame to provided by a war- 
time visit to his derelict school), 
and the narration is shared by 
the classmates of 8B, the girls as 
pretty, the boys as decent as in 
any American high, only rather 
more articulate. A strong lyrical 
vein runs through the depiction 
of young people eagerly discuss- 
ing love, duty and tbe nature of 
philistinism. Gentle strumming 
and soft song from the rest ox 
the group round a forest bonfire 
form the background to the shy 
mutual declaration of love be- 
tween Zhora and Vika (he hardly 
dares look at her for much of it). 
But Vika will kill herself after 
her father's arrest; the easy-go- 
ing headmaster, a military hero 
who enunciates a code of decen- 
cy that would not be unfamiliar 
to Arnold of Rugby, will be sack- 
ed. And thin-lipped And ron orv n a, 
her hair scraped beck , contemp- 
tuous of those girls who want to 
be dressmakers or actresses, to 
hto loveless and joyless succes- 
sor. 

Fbr all the excellent acting, re- 
laxed naturalism at its best, the 
whiff of stereotype lingers like 
wood-smoke In the Russian air. 
The young people crane off bet- 
ter than their eldera, making ear- 
nest avowals like “I cant make 
friends with you - you’re a maxi- 
malist' sound touchingly heart- 
felt. Shadows are present in the 
background, in automatic as- 
sumptions (justice to the expres- 
sion of. the Soviet system; what 


Martin Hoyle 

other definition to there?); and of 
course the ruthless ostracism not 
merely of the disgraced offiHal 
but of hto family as wdL 
However, this is only inciden- 
tally a political play; It to as 
much a study of growing up, of 
striking out for independence, of 
learning loyalty to one's friends. 
Y.U.F. Sokolova boyish Zhora to 
chief narrator; among the consis- 

T. A. Auashkap’/form flirt arui 
AS. Koatonov's boffin catch the 
eye. Galina Belyaeva to the 
doomed Vika, her high heeb and 
sleek hairdo not quite what one 
expects of the dowdy era of Sta- 


linism, any more than her fa- 
ther's well-cut suit or the bright 
informal clothes of the other stu- 
dents. Alexander Lazarev to the 
innocent man accused of embez- 
zlement and plays with the easy, 
assured charm of the company’s 
leading actor. Vanessa Redgrave 
reads a simultan eous earphone 
translation In a breathy tone of 


drei Goncharov; but charm, sin- 
cerity and a naturalism both laid 
back and precise make the May- 
akovsky welcome visitors. Next 
time something stronger per- 
haps? 





[iv* \etA 

•V.r ' 


Yuri Korenev and Yelena Molehenho 


Salonen & Harrell/Festival Hall 


” Nicholas Lyndhurst^tar of the 
{ television series Only Fools and 
1 Horses.mil make ms West End 
stage debut In The Foreigner , a 
new comedy by Larry Shoe. 

The Foreigner will open at the 
f Albery Theatre in St. Martin's 
:. Lane on Tuesday December 15 
e with previews from Deoember 12. 
t .It will also star Jay Benedict, Pe- 
t- ter Childs and WllUam Hope: , 


The PhHharmonia Orchestra un- 
der Esa-Pekka Salonen played 
Ligeti's Lontano at the start of 
Wednesday’s concert. And 
played it well, as indeed the or- 
chestra used to under Rlccardo 
MutL this beautiful and fascinat- 
ing stretch of still, soft, long-sus- 
tained note-rippling, most of It at 
low dynamics, to a test of orches- 
tral concentration and control 
which the PhHharmonia players 
evidently And a congenial chal- 
lenge. 

On tills occasion the seise of a 
music barely uttered or heard 
which simultaneously suggests 
another music, just out of reach 
and earshot, was perhaps less po- 
tently evoked than in those past 
performances the tapering of 
colour-lines had not been re- 
hearsed to the point where the 
larger shapes and transitions of 


Max Loppert 

the music dould be effected with 
absolute smoothness. All the 
same, Lontano can, and on 
Wednesday did, make a vivid 
concert starter - one felt this in 
the audience's intent (and there- 
fore uninterruptive) response to 
its long, quiet final retraction in- 
to silence. 

The rest of the programme 
showed the conductor in a less 
commanding artistic light Lynn 
Harrell played the Elgar Cello 
Concerto (which he dedicated to 
the memory of Jacqueline Du 
Pre) in big, broad phrases, pow- 
erfully honed and shaped. The 
reticent aspects of the music, the 
half-shades and hesitant yet 
deeply felt emotional statements, 
tended to wilt in hto forthright 
delivery, though the authority 
and eobdity of nto playing wei^ 
aa always, a pleasure. But the 


orc h e st ral contribution was char- 
acterless and uncertain of pur- 
pose; Mr Salonen seemed unable 


for the solo line, whose many 
expressive tempo deflections 
were dutifully followed rather 
than genuinely answered in the 
accompaniment. 

In the Nielsen Fifth Sympho- 
ny, after the interval, there was 
evidence of the conductor's 
heartfelt sympathy for the musi- 
cal sound-world and style of ar- 
gument - colours were intense, 
contrasts were keen, and. apart 
from moments of straggling in 
the fugues, discipline was taut. 
But the whole of Nielsen’s rug- 
ged discourse had not been co- 
gently integrated: this was a per- 
formance of exciting passages, 
not an organic unity. 


Nash Ensemble/Wigmore Hall 


This season’s Nash series, “Paris 
1867-1987," to a good enough ex- 
cuse for them to play their best 


cuse for them to play their best 
suit again and again. Plenty of 
time for old Gallic favourites, 
but also for lively rediscoveries 
and quite recent music, like the 
little Boulez sextet Derive con- 
ducted by Lionel Friend in their 
concert on Wednesday: less liq- 
uid, more truculent than in its 
first London performance, no 
less striking. Here it followed 
Guy-Ropartrs Prelude, Marines 
et Chansons, a deceptively win- 
some quintet - known to most of 
us only through an old Melos 
‘recording - in which the Nash lit 
up the intricate play of voices. 

The old favourite erf the even- 
ing was the Ravel Chansons ma- 
decasses, with Sarah Walker 
strong and searehingly musical 
in slightly cloudy French. Tempi 


Baldwin, artists Nancy Graves aad 
Rouare Boacdon and curator Wil- 
liam B ab in. KBdxJan& 

IBM GallemPost Modern Architec- 
tural Visions Includes an intoraa- 


Davtd Murray 

a bit below the norm for “AousT 
and "II est dour..." justified 
themselves fn dramatic results: 
in the voluptuous “Nahandove" I 
missed only the sudden shadow 
that should fall near the end. 

The music Debussy wrote to 
accompany recitations of Pierre 
Louys period-lubricious Chan- 
'sons de BUitis to simpler, more 
succulent and much bittier. Plac- 
ing this leisurely oonfobulation 
at the oentre of a concert was a 
calculated risk, made good by 
Lucinda Curtis's suggestively in- 
nocent French dedamation - a 
delirious performance; the Nash 
players could surely deliver the 
musical fragments by instinct on 
a mere read-through. As a matter 
of fact, Debussy's fragments 
have come down to us incom- 
plete: the programme-book 
might have trad us more about 


the realisation adopted here. 

The Nash’s Faure Piano Quin- 
tet - the very late no. 2 - is still a 
performance-in-the-maldng. Led 
rather too prominently by Ian 
Brown's piano (more assertive 
competition from the violin lead- 
er would help), their reading was 
perceptive about Faure’s elusive 


steady in rhythm (Faure never 
gambols, but be doesn’t plod \ 
too shy about stamping an inci- 
sive profile on the tunes: the 
strange riches of this quintet 
should have a bolder gleam. An- 
other time, the Nash will take a 
proper grip on the piece - it be- 
longs, after all, in the exalted 
company of Schumann and 
Schubert, not to mention 
Franck. And when are the Nash 
going to tackle Florent Schmitt’s 
quintet? 


Monal army, of designer*, includ- 
ing M lchari Graves, Bm Bollelo 
and Adolfo Natalia!, with 200 
drawings and model* of wuk flrom 
I960 to 1989, originally organised 
by Williams College ud Deut- 
sche* Architekturmnseom in 
Frankfort. Ends Nov 7. S8th and 
Madison (407 0UX& 

Ju Krmgler GaDezy: TUs new gal- 
latyjBfangaratee with 00 CUblst 
works by Picmo from the 
Firasso Collection wife two de- 
redes of p ai ntin gs , drawings, 
sketchbooks, colleges and prints 
frost 1907 to 192ft BiMfa Dec 10. 41 
K. 57th, 6th floor. 

CHICAGO 

Art In st itut e: Walker Evans photo- 
graphs Of the 1930* Showing pover- 
ty and despair in the American 
South were nuaous in tbeir time in 
Life msgiMtine end preserved la 
James Agee’s moving book. Let Us 
Now Praise Famous Men. This ex- 
hibit to a reminder at a time of re- 
newed despair in the American 
heartland of the scope and depth 
of Evans' work originally done for 
• the Farm Security Administration. 
Ends Nov &. 

WASHINGTON 

Kstteoal GaDtsy: A Century of Hod- 
ern Scnlpatre, the pafey and Ray- 
mond Nasher Collection, contain* 
major works by Rodin, Picasso, 
Matisse, Gabo, Giacometti. Ernst. 
Moore and Sam. Ends Jan 3. 

TOKYO 

, Japanese Ink Fateilag: A large ex- 
hibition of important printing! 
from 15th to 19th centuries gi v e s 
an excellent overview or the Ja- 
paniaing of fhtnest ink mono- 
chrome painting stylos. Out of foil 
tradition come the Edo period 
G800 to 1868} styles of the Sotstsa 
and Kano Schools, best-known for 
their large grid and stiver decorat- 
ed screens. Tokyo National Muse- 
um, Ueoo Fufc, Ends Nov 23. 


Saleroom/Antony Thomcroft 


Good homes for VCs 


The Victoria Gross group of med- 
als awarded to Petty Officer 
Thomas Gould for his his brav- 
ery in helping to defuse two 
bombs which threatened to de- 
stroy the submarine Thresher 
near Crete in 1942 was sold at 
Sotheby's yesterday for £48,400, 
around double the estimate. 
They were sold by Mr Gould and 
went to AJEX, the Association of 
Jewish Ex-Servicemnen. This 
was the only VC awarded to a 
Jew during the Second World 
War. 

Another VC, which went in 
•1918 to Flight Sub Lieutenant 
Rex Wameford for hto bravery in 
shooting down a Zeppelin from 
above, was withdrawn just be- 
fore the auction and sold to the 
Fleet Air Arm Museum for 
£55,000. It to very unusual to sell 
an advertised lot privately but 
this was for & good cause and , in 
any case, the offer was above 
estimate. 

The George Cross awarded to 
ithe stewardess Mias Barbara 
Harrison for her bravery in sav- 
ing the lives of passengers dur- 


ing the crash of a BOAC Boeing 
707 at Heathrow fn 1969 at the 
cost of her own life also found a 
good home:British Airways 
nought it for £9,900. 

Sotheby's held an extraordi- 
nary diver sale in New York on 
Wednesday which produced a re- 
cord total of S2£7z,671 and a re- 
cord juice for a single lot of sfl- 
ver In the US: £525,326 paid for 
a pair of fYench Imperial silver 
gin soup tureens made for the 
mother of Napoleon Bonaparte 
in Paris in 1806 by OdioL 


Meanwhile at Christie's in New 
York a mural covering seven 
canvases by the late Victorian 
artist Walter Crane went to a 
Japanese buyer for £141,521. It 
was a record price for this artist 
of the Arthurian romance. 2c had 
been commissioned in 1883 to 
decorate the Scandinavian style 
home that Miss Catherine Loril- 
lard Wolfe was building for her- 
self in Newport Rhode Island, 
and has reranained in situ until 
the sale. Entitled “The skeleton 
in armour - the mural depicts Vi- 
king knights charging in battle, 
among other mythic scenes. 

In the same sale of 19th centu- 
ry European pictures which to- 
talled £2^62,077, with 12 per 
cent unsold, a large nude on the 
sea shore by the Swedish artist 
Anders Zam sold for £310,000, 
way above target, and a portrait 
of an Italian girl with a tamn- 
bourine by Bouguereau made 
£147,953. 

Christie's in London completed, 
a sale of natural history and 
travel books, bringing in 
£755,613. Burgess the London de- 
aler paid £99 JQOQ for a rare Ger- 
man townbook by Braun and Ho- 
gen berg with 298 plates of 
Euroepan towns. Quart tch, an- 
other London dealer, bought a 
copy of Redoutes “Cholx de plus 
belles fleures" for £37,400. 

The big failure In the Christie’s 
sale was Thornton’s New Illus- 
tration of the Sexual System of 
Carolus von Linnaeus,..the Tem- 
ple of Flora, or Garden of N&- 
turtt^ whieh was unsold at 



24 


- Financial Timas Friday October 30 1987 


v 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4 P4BY 
Tefegrams: Rnantimo, London PS4. Telex: 8954871 
Telephone: 01-248 8000 


Friday October 30 


The defence 
of Europe 


EARLIER THIS week the for- 
eign and defence ministers of 
the Western European Union 
held a long-prepared meeting 
u> The Hague to adopt a com- 
mon "platform" on European de- 
fane^Thus marked, as Sir Geof- 
frey Howe said afterwards, an 
"important step forward in the 
rebuil ding and renaissance of 

WED", a body ori ginally com- 
posed of the five signatories of 
the 1948 Brussels Treaty which 
preceded Nat©, and later ex- 
panded to include West Ger- 
many and Italy. 

Is content, the platform hard- 
ly goes beyond accepted Nato 
doctrine. An overriding concern, 
of all the participants was that 
whatever they said or did 
should strengthen, not weaken, 
the Atlantic Alliance. What is 
politically significant is that 
they felt it necessary to do this 
by meeting as Europeans, in the 
framework of a purely Europe- 
an body. 

It is, after all, nearly a quarter 
of a century since President 
Kennedy proclaimed the need 
for Western Europe and North 
America to be the "twin pillars” 
of the Alliance. Why is it only 
now that the European pillar 
has felt the need to manifest it- 
self as a separate entity? 

On the one hand, Western Eu- 
rope has, over those 24 years, 
become gradually and painfully 
more integrated and more con- 
scious of its own identity. Those 
who attended the Hague meet- 
ing declared themselves "con- 
vinced that the construction of 
an integrated Europe will re- 
main incomplete as long as it 
does not include security and 
defence”. 

Specific object 


On the other hand, one of the 
constituent elements of this Eu- 
ropean identity is a sense of dif- 
ference from, and at times an- 
tagonism to, the United States. 
This has encouraged, but has al- 
so fed upon, a relative loss of 
interest in Europe on the Amer- 
ican side. European govern- 
ments have begun to take the 
problem of European defence 
more seriously as It has been 
brought home to them that the 
American protective umbrella, 
nuclear and conventional, can- 
not absolutely be taken for 
granted. 

To bring that home to them 
was the specific object of the 
Nunn Amendment, defeated in 
the US Senate in 1984 by a mar- 
gin of only 55 to 41, which pro- 
posed the withdrawal of 90,000 


US soldiers from Europe within 
five years if the Europeans 
failed to increase their conven- 
tional forces. But the message 
was transmitted for more effec- 
tively, if Inadvertently, to Euro- 
pean leaders by President Re- 
agan himself first when he 
proposed the Strategic Defense 
Initiative, proclaiming the ob- 
jective of making nuclear weap- 
ons obsolete; then when he all 
but agreed with Mr Gorbachev 
at Reykjavik on the scrapping of 
all intercontinental ballistic 
missiles; and thirdly this spring 
when he moved with such alac- 
rity to accept the ^double zero' 
option on intermediate-range 
weapons. 

Special concern 


The common thread in all 
those moves was that they 
seemed to take little account of 
the 'special concern' of Western 
Europe with "the Warsaw Pact's 
superior conventional forces 
and its capability for surprise 
attack and large-scale offensive 
action” (to quote the Hague Plat- 
form), which Europeans tend to 
see as Nato’s fundamental rai- 
son d'etre. In the eyes of the 
present WEU members this con- 
cern must be met by 'an ade- 
quate mix of appropriate nucle- 
ar and conventional forces, only 
the nuclear element of which 
can confront a potential aggres- 
sor with au unacceptable risk.' 
(By including this point in the 
Platform, they set an important 
condition which may cool the 
ardour for WEU membership of 
countries such as Greece, Spain 
and Portugal.) 

Europe not only needs WEU 
as a megaphone with which to 
remind the Americans of this 
special concern with Warsaw 
Pact conventional superiority, 
but also as an institution within 
which to concentrate the minds 
and energies of Its own peoples 
on the task of European de- 
fence The timing of the Hague 
meeting was particularly appo- 
site in a week when world atten- 
tion has been focused on the 
plight of the US economy, and 
US policy-makers have commit- 
ted themselves with new zeal to 
the task of reducing their bud- 
get deficit It wifi be very sur- 
prising if this process does not 
result in renewed and more ur- 
gent demands from Washington 
for Western Europe and Japan 
to take responsibility for their 
own defence, at least in the con- 
ventional field, and to mate a 
larger contribution to the glob- 
al defence of the free world. 


Agenda for the 
Lord Chancellor 


LORD MACKAY takes over as 
Lord Chancellor at a time when 
reform of the English machin- 
ery of Justice is much overdue. 
His appointment gives rise to 
hopes that something will be 
done at last The new Lord 
Chancellor has an excellent re- 
cord as lawyer Judge and politi- 
cian - and is a Scot with a legal 
background more favourable to 
the task in hand. 

His first task is to turn Lord 
Hailsham’s review of civil jus- 
tice into an actual reform. Dis- 
putes should as a rule be- 
brought first into county court 
and proceed into the High Court 
only if justified by importance 
or legal complexity. Procedure 
of all courts should be harmon- 
ised and simplified, with a writ- 
ten preparation of trial obviat- 
ing the need for long hearings. 
Judges should exercise a much 
stronger control over both the 
pre-trial procedure and the tri- 
al itself, keeping them crisp and 
short 

Second .a family court should 
be established without further 
delay. It should be a round-tbe- 
table affair, without wigs and 
much formality. It should be the 
judge's task to strive for a fair 
resolution of family disputes 
and to look after the interests of 
any children involved. 

Third, there is a great need to 
help judges by refresher 
courses, to acquaint them not 
only with legal developments in 
the UK and In the Community 
but also with other disciplines 
which have a bearing on their 
work. Judges should be encour- 
aged to seek the truth actively, 
rather than only to hold the 
rope at which the two opposed 
parties pull. The rules prevent- 
ing them to speak in public on 
general issues of law and policy 
should be scrapped. They also 
should be told to expect criti- 
cism and to take it with good 
grace, as most of Lhem already 
da 

Personal prejudice 

Fourth, the Lord Chancellor 
should take the lead in making 
the English statute understand- 
able to ordinary people - or at 
least to judges. The convoluted 
style cultivated by parliamenta- 
ry counsel is responsible for 
much uncertainty and unneces- 
sary disputes, as well as ap- 
peals. Clearer statutes, stating 
the objectives of the legislator 


in general terms, without un- 
necessary detail, would reduce' 
the businessman's dependence 
on lawyers and enable judges 
better to translate Parliament's 
will into decisions appropriate 
to the circumstances. 

Fifth, though most judges are 
excellent, some have shown, 
personal prejudice, especially 
in their comments and sen- 
tences in criminal trials, which 
have been greatly resented by 
the public. There is also a short- 
age of professional judges. Both 
could be remedied by drawing 
candidates for judicial appoint- 
ments from a wider circle: not 
only barristers, but solicitors, 
and academics should be con- 
sidered. And the Lord Chancel- 
lor should not rely in this im- 
portant task only on the advice 
of his officials and senior judg- 
es; he needs a widely based ad- 
visory committee which could 
later be transformed into a judi- 
cial commission, dealing with 
appointments, training and 
evaluation of performance. 

Higher courts 

Sixth. the necessary legisla- 
tion should be introduced to en- 
able solicitors to form partner- 
ships with other 

profess ions. They should be giv- 
en the right of appearance in 
higher courts and it should be 
left to the client to decide who 
should represent him. Lawyers 
will be deterred by the possible 
complaints and malpractice 
suits from taking on more than 
they can manageAs a necessary 
corollary, a sharp-toothed om- 
budsman dealing with com- 
plaints against both solicitors 
and barristers should replace- 
the Lay Observer of the Law So- 
ciety. 

Finally, one would hope the- 
new Lord Chancellor could do 
something to bring the ailing 
Crown Prosecution Service to 
vigorous adulthood. The ideal 
was that it should get papers in' 
time to see whether prosecution, 
is justified, and not only while! 
the hearing in the magistrate* 
court is in progress. It needs! 
good, self-confident lawyers,, 
able to hold their own against 1 
the police and the defence. 
They cannot be bad on the 1 
cheap, but they would saves 
many times the money spent on! 
them by eliminating at least, 
half the present prosecutions' 
and trials and by reducing the; 
overcrowding of prisons. ! 


Graham Day is preparing Rover for privatisation. Kenneth Gooding examines the prospects 


WITH THE British Petroleum 
share sale at the centre of inter- 
national controversy, it may be 
a curious moment to turn atten- 
tion towards the industry which 
was always the most difficult 
item on the Government’s priva- 
tisation agenda: the Rover vehi- 
cles group. 

Although hardly the focus of 
imiBwii Bta ministerial atten- 
tion, there has been no contra- 
diction from Whitehall of the 
publicly stated view of Mr Gra- 
ham Day, the company’s chair- 
man, that Rover can be return- 
ed to the private sector in the 
lifo of this parti ament Indeed, 
Lord Youig, the Trade and In- 
dustry Secretary, has made it 
plain that he not only wants Ro- 
ver privatised; he wants It to be 
returned to individual share- 
holders rather than Bold pri- 
vately to investment institutions 
or another industrial concern. 

But even before BP, experts 
in the City and the motor Indus- 
try were sceptical about a flota- 
tion of Rover on the stock mar- 
ket. At the very least, the 
Government must face the un- 
palatable fact that, whatever 
method of privatisation is cho- 
sen, it will almost certainly in- 
volve spending more public 
money. Rover, formerly known 
as British Ley land or BL, has 
soaked up £2J)bn in the past 10 
years, yet still has an accumu- 
lated deficit of £2.6bn. It also 
owes the banks a further £811m. 

John Lawson, an assistant di- 
rector at Nomura Research In- 
stitute in London, says that be- 
fore Rover could be privatised, 
"the Government would have to 
forget about the £29bn It has 
put in for equity and would also 
have to sweep away most of the 
£800m debt” 

The UK Government would 
have to tread carefully because 
the European Commission is 
keeping a close eye on the mo- 
tor industry to ensure that state 
handouts to ailing companies 
do not disturb the competitive 
balance. For example, the Com- 
mission insisted that extra cash 
the UK Government provided 
for Rover last year be cut from 
£750m to £680m. It also objected 
to the terms of the French Gov- 
ernment's intended financial 
restructuring of Renault and. 
forced a compromise. 

However, it is likely the Com- 
mission would bend a little if it 
were assured that the UK Gov- 
ernment was quitting the motor 
industry once and foe all, and 
that the new money was not sim- 
ply being injected to cover old 


DISPOSALS SO FAR.*. 


....AND TO COME 


COMPANY 

UanalB -Aadfator 
UK Foundries Negotiations with ; 


Several partes Interested 
in buying after most operations - 
-am moved to the new Leyfand Daf 
company in Lancashire 



Ashok Leyland/ NECO and the Hindus family will 

Revel's 


A long way 



Taking the Government out of 
the motor industry was exactly 
what Mrs Thatcher had in mind 
early last year, when she called 
In Mr Day to replace a manage- 
ment team which she folt was 
dragging its fleet over privatisa- 
tion. 

Mr Day worked but a three- 
phase programme, starting with 
the disposal of peripheral 
operations to reduce Rover to 
its core business - the develop- 
ment, production and market- 
ing of Austin Rover and Range 
Rover cars and Land Rover util- 
ity vehicles. That initial phase 
is nearly over, leaving Rover 
with minority interests in sever- 
al profitable companies, includ- 
ing a 40 per cent stake in Daf 
Trucks of the Netherlands in- 
stead of 100 per cent of the 
heavily loss-making Ley land 
Vehicles. 

The major exception is that 
Land Rover is still part of the 
group, because Just before Mr 
Day was appointed, the previ- 
ous management decided to 
keep it Mr Day has not yet de- 
cided on Land Rover's future, 
but should it be sold separately, 
it will not be difficult to deter- 
mine its valne. 


That is not the case with Aus- 
tin Rover, the volume car busi- 
ness - which is where Mr Day's 
second objective comes in. His 
aim, once the disposals were 
out of the way, was to return the 
core business to an operating 
profit 'Unless we can do that 
we cant prove we really have a 
worthwhile business," he says. 

Rover appears to be making 
the right kind of financial prog- 
ress. Mr Day exposed the com- 
pany’s financial problems in 
the profit and loss account for 
1988, when he was responsible 
for Rover for only part of the 
year. 

Once extraordinary losses of 
£430m had been taken into ao- 
coont Rover declared a net loss 
of £892.1 m. The ground was thus 
prepared for a "miracle” recov- 
ery in Mr Day's first frill year of 
phnirmanahip . 

For the first half of 1987, Ro- 
ver reported a net loss reduced 
by 80 per cent from £20i5m to 
£42m. With a great deal of luck, 
the group might even come 
close to an operating 
break-even for the foil year. 

Phase three of the programme 
is the return of Rover to the pri- 
vate sector, and Mr Day has told 
the Government he will present 
proposals in the middle of next 
year. In theory, he has several 
alternatives, including reflota- 
tion on die London Stock Ex- 
change, placing Rover shares 
with City institutions, or selling 
a majority stake in part of the 
group, or the whole, to another 
vehicles company. 

Rover is unusual among 
state-owned entitities in that it 
already has a stock market quo- 
tation. It still has about 80,000 
private shareholders who be- 
tween them own just 0 l 8 per 
cent of the issued capital. 

Many City and industry ex- 
perts feel that the obstacles In 
the way of a reflotat&oa or apla- 
cing with financial institutions 
are too numerous. "There is no 
way Rover could be floated or 
be the subject of a manage- 
ment-led buy-out by 1992,' says 
Professor Krista Bhaakar, who 
heads the Motor Industry Re- 
search Unit at the University of 
Norwich. 

He suggests that the best the 
Government could hope would , 


be for Rover to become margin- 
ally profitable after interest 
and tax by 1890 so that it could 
be sold to another motor compa- 
ny. While a net .profit is "well 
within the realms of possibili- 
ty,' he points out that this will 
be achieved only if the company 
is reasonably successful with 
the new models it has in the 
pipeline. 

Other analysts, however, 
point to Rover’s volatile finan- 
cial record and the fact that it 
has never produced a pre-tax 
profit since the Government 
stepped in to save it from bank- 
ruptcy in 1975. The Stock Ex- 
change usually demands at 
least three years, and prefera- 
bly five, of profits growth from 
any company contemplating flo- 
tation. 

Even If the Government were 
to clean np the Rover balance 
sheet, potential shareholders 
would also take some convinc- 
ing that a company of Austin 
Rover's size has a chance of sur- 
vival in a highly competitive In- 
dustry. 

Austin Rover is trapped in no 
man's land: too small to be a 
volume car producer, it still at- 
tempts to provide a volume pro- 
ducer's range. As it is, it can on- 
ly remain viable as a specialist, 
up-market manufacturer, but it 
has a long way to go to develop a 
BMW-type image. 

There is even doubt about its 
ability to produce desirable vol- 
ume cars. Although the Metro 
received an ecstatic welcome in 
the UK at its launch seven years 
ago, no other model in the com- 
pany's 'product-led revival' has 
received anything but a luke- 
warm response, mainly because . 
of initial quality deficiencies! - ’ " ■ 

Whatever else Mr Day might* 1 
have achieved, the hoped for re- 
covery In volume sale s and mar- 
ket share in the UK has so far 
eluded Austin Rover. 

He would argue that this year 
the quality of rales - in terms of 
profit margins - has been a great 
deal better than In 1986, a point 
he hopes to prove when the 
fall-year accounts are pub- 
lished. But Austin Rover’s 
share of the UK car market - 15 
per cent - is at its lowest point 
ever and a new marketing ap- 
proach has failed to raise its 


safes volume significantly, in 
spite of record safes of cars in 
the UKasa. whole. 

The company is relying on in- 
creased exports to boost pro- 
duction. In the first nine months 
of this year, however, its regis- 
trations in continental markets 
rose by wily 3JS per cent, 
Austin Rover’s return to the 
potentially lucrative US car 
market with the Sterling, a ver- 
sion of the Rover 800-series, de- 
veloped in partnership with 
Honda of Japan, also got off to a 
patchy start Before the launch, 
the US importer expected to 
sell about 27 JW0 Sterlings in the 
first frill year, but the number 
wfll probably be nearer 15,000. ' 

The company has had to lean 
increasingly on co-operative ar- 

Model range f986 

Number of cars produced 


Mini 

33,722 

Metro 

153,207 

Maestro 

50,826 

Rover 2000 - 

62£48 

Montego 

70.606 

Rover SOI. 

2£7D 

Rover BOO 

15,451 

Honda Legend 

425 

Honda Ballade 

315 

Range Rover 

14,488 

TOTAL 

404,464 


rangementa with rival compa- 
nies, particularly Honda, to de- 
velop products. But it is far too 
early to judge whether the new 
management team can, with 
Honda's help, come up with 
more desirable and successful 
models. The programme in- 
cludes a mid-sized model, 
code-named B8. to replace the 
Maestro and Rover 200-series, 
doe in 1888: and a radically re- 
designed Metro, scheduled for 
launch shortly afterwards. 

TO most observers, Austin Ro- 
ver's link with Honda is thus 
crucial to the UK company’s 
survival. Potential investors in 
Rover "would want to know 
which way Honda would jump,” 
points out Nomura's Mr Law- 
son. 

"It Is no use pretending any 


more that Rover Is capable of 
developing new models on Its 
. own or can earn enough money 
to fond their development. If 
Honda took a substantial minor- 
ity holding in -Rover, the Gov- 
ernment might be able to sell 
the rest to institutional inves- 
tors,* be says. 

However, Honda shows no 
sign of wanting to cement its as- 
sociation in this way. Satoshi 
Oku bo, Honda’s chairman, said 
recently that his company had 
no intention of asking for a 
stake when the company was 
privatised. He is convinced 
Honda is adequately protected 
by the terms of its joint-venture 
contracts with Rover, whatever 
happens to the ownership. 

Mr Lawson and other analysts 
point out that Honda is in any 
case getting all it requires from 
Rover- in the form of co-opera- 
tive ventures and cars built by 
the UK group for distribution 
throughout western Europe - 
without having to put up any 
money for equity. 

None of these arguments will 
be new to Mr Day. He has said 
again and again that Austin Ro- 
ver must rely heavily on joint 
ventures. He acknowledges that 
Honda’s involvement is critical 
in the short and medium term - 
but insists the Rover manage- 
ment can review the situation 
after the R8 medium car is 
launched. 

In spite of all these thing s 
however, it can be assumed that 
Mr Day would not have gone 
public about his hopes to priva- 
tise Rover unless he had good 
reason to believe he could de- 
liver. He has confounded the 
pundits before. There were not. 
many, for example, who be-n 
lieved he would be able to sell" 
off so much of the Rover group 
in the short time he has been in 
charge, and he even found a so- 
lution for Leyland Trucks, Ro- 
ver’s biggest loss-maker. 

To torn Leyland Tracks and 
Leyland Bus Into suitable can- 
didates for sale Mr Day had to 
persuade Mrs Thatcher to 
change her mind about not put- 
ting another penny into Rover. 
In March the Government pro- 
vided no less than £680m cash 
for new Rover shares. The re- 
duction in debt resulting from 


the injection and sell-oSh has 
contributed greatly to reducing 
Rover’s losses. 

The recent half-year results 
prompted a number of financial 
institutions to get out their cal- 
culators and put people to work 
on possible privatisation 
schemes for Rover. 

If the price is right, the City 
will usually provide the money - 
analysts point to the successful 
flotation of British Airways, an- 
other company with a distinctly 
chequered financial record. 

However, many observers feel 
that if the Government wants to 
get a good price It should let 
other vehicle producers know 
Rover is for sale and start an 
auction. 

Chrysler, the third largest US 
car company, would probably 
be interested. It wants to return 
to production in Europe - hav- 
ing left when it was near bank- 
ruptcy at the end of the 1970s - 
ami the man supervising those 
efforts. Bob Lutz, knows the UK 
and Rover well because he was 
for many years chairman of 
Ford of Europe. 

Ford, which started prelimi- 
nary negotiations to take over 
i Austin Rover at the end of 19S>, 
says it would be willing to re- 
start them - but only if invited to 

do so by the UK Government 
*We were badly mauled the first 
time," says Philip Benton Jnr, 
the executive vice-president re- 
sponsible for Ford's activities 
outside North America. 

The Government came under 
fire not only from the Labour 
opposition but also from its own 
back-bench MPs when it 
emerged early last year that 
Austin fiovermight.be sold to 
Ford and 'the Land Rover and 
Leyland Trucks companies to 
General Motors. The outcry was 
so great that Ford was asked to 
go away and the GM deal fell 
through. 

Mr Day, who knows better 
than many industrialists how to 
handle politicians, would make 
sure that next time Mrs Thatch- 
er was better prepared to head 
off a political rumpus. And he 
might have to bring consider- 
able political skill into play, be- 
cause to stick to the 1992 dead- 
line, Rover might have to be 
sold to a foreign competitor. 


Pro. takes 
the prize 

As if the responsibility of run- 
ning the biggest single invest- 
ment portfolio in the London 
stock market were not enough, 
Trevor Pullen has spent the 
past year battling to win an in- 
vestment race. 

Pollen, who heads the global 
equity department of Pruden- 
tial Portfolio M an agers, the in- 
vestment arm of the Prudential, 
has just staved off competition 
from five teams of fellow fond 
managers to win the Holborn 
Great Investment Race. 

The Pro’s team finished well 
ahead of the rest of the field. It 
began with a portfolio of £35,000 
and, after a year of risky to reck- 
less investment, finished with. 
£381,229. The 'profits”, nearly 
£350,000, will be donated to 
charity. 

Pullen, helped by his col- 
leagues Ted Williams and Colin 
Stainsby, admits that the invest- 
ment climate helped - the race 
ended just before the stock mar- 
ket crisis began - but reckons 
that they had "a few strokes of 
luck along the way”. 

The team is now preparing to 
defend its laurels when it en- 
ters the second Holborn Great 
Investment Race scheduled to 
start in the New Year. He ad- 



"Quick - wake Sir Cuthbext and 
ask him If he fancies being the 

new chairman sf the party * 


Men and Matters 


mits that it will be difficult to 
do as well if the current crisis 
continues. 

"But the situation is bound to 
improve,” he says. "First be- 
cause the Government will take 
some action. Second, because Z 
am a natural optimist.' 


High speed life 

A most satisfying end to a ca- 
reer is to find yourself synony- 
mous in the public mind with 
your life’s work. 

Sir Kenneth Hutchison, the 
gas manager, who is 84 to- 


scruff of the neck in the early 
1960s, shook it hard, and trans- 
formed it with the aid of one of 
the most striking publicity cam- 
paigns of the time - High Speed 

He linked it with offering 
gas-users newly-designed appli- 
ances from the council's labora- 
tories, and tariffs highly com- 
petitive with other finals. 

His lucky streak held. The in- 
dustry was revived within the 
next few years by new sources 
of supply - first Algerian meth- 
ane, and then North Sea gas. 

Since then sales of gas in 
Britain have increased more d - 
and when the Industry was 
floated on the London stock ex- 
change last year it was the lar- 
gest single business the ex- 
change had ever handled. 
Hutchison has now pot it all 

down on paper in his autobiog-’ 

raphy called High Speed Gas - 
what else? - which Is to be pub- 
lished by Duckworth next 
month. 

Hutchison formed half of a 
formidable team at the Gas 
Connell, (the forerunner to Brit-: 
ish Gas). He was deputy to the 
chairman Sir Henry Jones. 


Aa Jones was the younger man 
by three years there was virtu- 
ally no chance of Hutchison get- 
ting the top job. He left the in- 
dustry in 1968 after 40 years and 
became a consultant to the oil 
company Amoco. 

In more recent years, be has 
often spent his summer months 
indulging his hobby of cooking 
life meals in the galleys or 
_ belonging to fellow mem- 
of the Royal Cruising Club. 


Hush money 

How much has the Govern- 
ment spent in its campaign to 
stop the world reading Spy. 
catcher? 

The cost to public ftmds of try- 
ing to prevent Peter Wright's 
book being published was 
£314,000, said goverment 
sources recently. 

But solicitor David Hooper, 
who has been involved In the 
case, calculates the true cost at 
more than £2m. 

Writing in Law Magazine, he 
estimates the cost of foe Austra- 
lian coart case as £L5m, actions 
against newspapers as £400,000, 
and other costs as £140,000. 


Family fortunes 


A possible Antipodean share 
play for Aitken Hume is begin- 
ning to look increasingly like a 
family affair. The 'Spycatehex' 
lawyer, Malcolm Turnbull, baa 
been trying to pick up the n ear- 
25 per cent stake In Aitken 
Hume held by fellow Australian 
entrepreneur, Lee Ming Tee, as 
a likely first step towards mak- 
ing a bid for the flnawffat ser- 
vices group. 

Turnbull, it turns out, Is being 
backed by Kerry Packer, foe 
j Australian financier cum media 
magnate, in a new merchant 

bank venture. Aitken family afi- 
They were a good partner-} cionados may remember that 


ship, Jones handling foe poli-t 
tics of the industry while Hutch-* 
Ison ran gas production and 
sales. 


until January, Packer held 27.3 
per cent of TV-am shares which 
were then passed on to Alan 
Bond. 


TV-am is chaired by Timothy 
Aitken who was once finance di- 
rector of Aitken Hume, and the 
company is still chaired by his 
cousin, Jonathan Aitken, the 
ToryMP. 

All of this could just be coin- 
cidence, of course. 


Space venture 

One American space venture 
that appears to have taken off 
successfully is that launched by 
Carl Hanauer when he arrived 
in Britain two yean ago. 

Hanauer figured that the Brit- 
ish, like foe Americans he 
knew, would always be short of 
storage spacefio he set out to 
provide it for them in storage 
rooms to let in almost any size 
and for as little as £3 a week. 

His Personal Storage Manage- 
ment company now has six cen- 
tres in jLondon3ri8toLLeeds 
and Newcastle catering for in- 
dividuals who just cannot stop 
hoarding things, as well as busi- 
nesses with overflowing stock 
rooms. 

Hanauer now plans to find 
| more space for people to fill in 
Edinburgh, Gloucester, Not- 
tingham, Brighton, Porto 
month— 


Hunting pink 

Cheshire County Council - one 
of foe "hung” variety with La- 
bour five seats ahead of the 
Conservatives - yesterday de- 
bated how to tighten its four- 
year-old recommendation that 
bunting should be discouraged 
on council-owned land. Appar- 
ently, smallholders, other ten- 
ant fanners and users of some 
common land have not been tak- 
ing much notice. 

Perhaps they have all heard 
that one of the most prominent 
past members of foe local bunt 
was a certain Friedrich Engels, 
the ideological twin of Karl. 
Marx: Could there be some thing 
historically inevitable about 
foe call to bounds? 


On call 

Sign on a desk seen from a 
scenic elevator as it glided up a 
Manchester atrium: "Blessed 
are the brief; for they shall have 

small telephone bills.* 

Observer 


BEYOND 
DOCKLANDS 
DARTFORD 



On the Thames. On the M25. 


The Dartford Bridge £200 million . . . 
Marina/Housing/Hospital £80 million . . . 
Dartford int. Ferry Terminal £20 million . . . 

A billion pounds says Dartford win surprise you. 
Rnd out why. 

Tel: (0322) 343252 for a brochure. 



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Financial Times Friday October 30 1987 


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Politics Today 




events’ of 
1987 


By Malcolm Rutherford 


IT HAS NOT been like the Suez 
crisis when Lady Eden remark- 
ed that the Canal seemed to 
have been flowing through her 
drawingroom; nor even like the 

tb^Sfcljofaurt Armstrong^the 
the normal 
of government' almost 
; has not been like that 

atalL 

On the contrary, it has been 
very much business as usual 
The British Prime Minister, 
never a great believer In tele- 
phone diplomacy, has not been 
on the line to the White Bouse: 
to ask President Reagan what 
he intends to do, nor even how 
he is. 

A few Government meetings 
have started late and the stock 
market crash has meant, as one 
member of Mrs Thatcher's en- 
tourage pot it, that there is "One- 
other thing to worry about-'But, 
for the rest, life goes on. . - 

The Government has frozen 
child benefit, there has been a 
green paper on, new ways of de- 
termining teachers’ pay and 
Lord Mackey of CLashfern has 
become Lord Chancellor in suc- 
cession to Lord Havers, who re-, 
signed., on the grounds of ill 
health. Lord Young of Graflham 
has not become Conservative 
Party chairman, which signifies 
considerable rumblings be- 
neath the surface. Do not think 
that those items have not been 
noticed, just because there tsno' 
comment. In normal times they 
would have been much dis- 
cussed. This week they -have 
looked like footnotes. 

So which- is the real world - 
the world of the screens where 
numbers go. up and down, but 
mainly down, or the world 
where people go on behaving as 
if nothing extraordinary has 


currency crisis, but it has not 
yet taken hold. The long-term , 
effects of the market upheavals 
ere regarded as uncertain; in 
the short term no great danger 
is seen for the Government . 

■ Pertly this is because the CaU 
in the world’s stock markets Js 
manifestly not Britain's fault 
The British economy is stronger 
than it .need to be *w«i growing 
faster than its competitors. 
There has not been any down- 
ward pressure on sterling. If 
there is an international eco- 
nomic crisis. Britain will not be 
in the frontline. That is unusual 

when one thinks of the last few 
decades. 

Virtue also comes out of the 
international comparisons- The 
UK does not have a trade or a 
budget deficit like the US. Nor 
does it have a trade surplus like 


“that, least of all Chancellor 
Lawson who had begun his re- 
marks with that slight stammer 
that always betrays that he is 
more nervous than he looks. Af- 
ter Mr Smith’s uncharacteristic 
blustering, Mr Lawson was 
home and dry. 

In feet, the BP issue - one 
might almost say the near All- 
ure of the BP issue - has shown 
the Tories to be remarkably 
united. It has brought out their 
populist side. They can attack 
the trades unions, dragons slain 
long ago: one would expect that. 
They have now shown that they 
can also attack die City. 

There was almost a perverse 
pleasure from the top of the 
parliamentary party to the bot- 
tom that the underwriters might 
have to sit on their BP shares 
and take losses. "Serve them 


If the rest of the world is 
spendthrift or miserly, the 
UK will feel the turbulence 


answer Is that nobody is 
quite sure- Ministers look at the 
figures, but are no more capa- 
ble of Interpreting them thaw 
anyone, .else. There is an as- 
sumption that' sooner or later 
the markets must stop felling, 
but so- there was at the end of 
last weekend it turned out tube 
premature. There is a fear that 
tiw slump in equities may lead 
to .a ftifl-blown International 


West Germany or Japan. The 
German trade surplus for Sep- 
tember alone was DMlL5bn 
(nearly £4bn) and for the first 
nine mouths of the rear togeth- 
er well over DHBOba Britain 
cannot be held to blame for the 
imbalances. 

The Government takes com- 
fort from the domestic political 
scene as welL Almost whatever 
happens, there is nnllkely to be 
much of a swing of opinion in 
favour of the opposition parties. 
Jotm SmJth, the Shadow Chan- 
cellor, did not ifi«Hngnj«h him- 
self when he formally raised die 
question of the sale of the BP 
shares in the House of Com- 
mons on Tuesday. He spoke in 
cliches and was too extreme. 

"Does the Chancellor under- 
stand that the free market 
chickens have come home to 
roostt^Wm the Government ac- 
cept that, 'as a result of, the 
events of the past few weeks, 
free market theories no longer 
work?" . 

No-one was bowled over by 


_ stew in their own juice, 
had it coming to them," seemed 
to be the general view. Sir Mi- 
chael Shaw, the Member for 
Scarborough, became so car- 
ried away that he referred to 
the underwriters as *undertak- 
ers". The mistake became catch- 
ing. 

A united Tory parly Is hot a 
wholly attractive sight It 
should also be remembered 
that the party can be quite fick- 
le in Its attachments. 

There is, of course, another 
reason for the show of confi- 
dence among ministers, which 
seeps through on to the back 
benches. Chancellor Lawson Is 
the finance director. He knows 
about these thing s, has done 
pret t y well so for, kept his head 
when others doubted and gen- 
erally been proved right So 
long as he remains at the Trea- 
sury, the rest of the board can 
get on with the other business of 
running the Government 

One doubts, h o w e ver, if that is 
quite how the Chancellor sees 


tt. Every speech that he has 
made fa at least the last two 
years has contained a warning 
that while file domestic econo- 
my may be healthy and growing 
stronger by the day, it could be 
subjected to the most fearftil in- 
ternational storms. 

That is what has happened. 
Nothing in the Chancellor’s re- 
cord suggests that he has foiled 
to recognise it. The problem is 
what to do about it It la all very 
well Britain being virtuous, but 
if the rest of the world is either 
spendthrift or miserly, in the 
end fit* British economy will 
not be Immune from the turbu- 
lence. 

There seems little doubt 
about what the Chancellor 
would like to do. He would 
the Americans to reduce their 
budget deficit and the Germans 
to be more expansionary. BA 
would not like the Americans to 

seek to cut their trade deficit by 

another devaluation, at least if 
his . statement to the Interna- 
tional Monetary Fund QMF) at 
the end of last month remains 
the set text 

He said then: Tt would be a 
serious mistake to seek a short- 
cut by a forther dollar deprecia- 
tion. It was undoubtedly neces- 
sary to correct the huge 
wilMHgnw*m of the in 

I9B5u But there la no case for go- 
ing to the opposite extreme of 
an artificially low dollar.. The 
benefits to the current account 
would be small compared to the 
Haimg w to US inflation apd the 
dislocation to the world econo- 
my." 

What he would probably iifca 
Is another Plaza-type agree- 
ment between the main indus- 
trial democracies. Plaza 1 was 
the agreement on the devalua- 
tion of the dollar in September 
1985l Plaza 2 is what Mr Lawson, 
in momenta of confidence, calls 
the Louvre Accord of February 
this year which said that it was 
time for ai period of 
rate stability. 

His IMF statement was a call 
for a further move towards man- 
aged floating of currencies. 
"Our objectives should be 
dear,” be claimed: "to maintain 
the wiitiihiiiii stability of key 
exchange rates unH to wnap t 



Lombard 


Promotion of 
British culture 


By Robert Mautlmer 


any changes that may be neces- 
sary is an orderly way." 

Plaza 3 might have come out 
of that It may still, if the mar- 
kets enforce It But the orderly 
process has been overtaken by 
events and there is no guaran- 
tee that order will be easily re- 
stored. 

When Helmut Schmidt moved 
from being West Germany's De- 
fence to the Finance 

Ministry in the early 1970s, he 
said that while he had always 
thought that international co- 
operation on security matters 
was deficient, he found that co- 
operation on monetary matters 
was practically non-existent 
Some progress has been made 
since then. 

Maybe, however, we have re- 
turned to square one. No-one 
from outside can compel the US 
Administration to reduce the 
budget deficit in an orderly 
fashion. It has problems with 
Congress and Congress may 
equally well retort that it has its 
own problems with the Admin- 
istration. It looks as if there may 
be a power vacuum in Washing- 
ton until after the elections in 


November next year. 

The Europeans are not unit- 
ed. Chancellor Lawson 
to chide the West Germans al- 
most as much as the Americans 
do. Until the end of last week, 
British policy advisers tended 
to say that the stock market tur- 
bulence would blow itself out, 
citing as evidence the fact that 
exchange rates had stood up to 
tbepreasure without cracking. 

That view looks much less 
confident now, which is why the 
picture of the British Govern-; 
ment going about its business ini 
the normal way, though superfi-j 
dally accurate, may be mislead-, 
ing. 

Some people have taken to 
describing what has been hap- 
pening in the markets in the last 
two weeks as "the events', just 
as file French re fe rred to the 
student uprising in 1968 as Tea 
evenements" for want of a better} 
term. Nobody was quite sure 
what they meant, how serious 
they were or what would hap-! 
pen next It is the same with the} 
markets. They have made the 
fixture even more unpredictable 
than it usually is. 


EVEN BY the normally unsatis- 
factory standards of Govern- 
ment responses to Select Com- 
mittee reports, the latest 
Whitehall observations on the 
recommendations on cultural 
diplomacy made by the Com- 
mons Foreign Affairs Commit- 
tee are extraordinarily compla- 
cent Not only have suggestions 
for a separate cultural diploma- 
cy budget and additional fluids 
to halt the rapid decline in the 
Government’s direct grant to 
the British Council been turned 
down, but the whole exercise 
has been conducted on the level 
of a university philosophy tuto- 
rial. The Foreign Office manda- 
rins who prepared the response 
would have ns believe that cul- 
tural diplomacy is a semantic 
sub-category which cannot be 
separated from diplomacy in 
general and does not therefore 
lend itself to precise definition 
or cost accounting. 

According to this seamless 
web approach, cultural diplo- 
macy "helps to make Britain and 
British standards better known 
and understood, so that we may 
pursue British interests more 
effectively.” If that definition 
were accepted as the be all and 
end all of cultural diplomacy, it 
would certainly absolve the 
Government from special fund- 
ing Unaccountably, however, 
the philosophers of King 
Charles St have permitted 
themselves a logical contradic- 
tion which demolishes their ar- 
gument in one fell swoop. 

How can the Government rec- 
oncile fixe assertion that it is 
very difficult to distinguish cul- 
tural diplomacy or relations 
from political, economic and 
commercial diplomatic activi- 
ties with its recognition that the 
British Council Is one of the 
principal instruments of cultur- 
,al diplomacy? And why, in that 
tease, should an autonomons 
) body of this kind be funded at 
all fay the Government? 

Once it has been recognised 
that the promotion of culture is 
an essential element of 
i Britain’s diplomatic effort and 
that the British Council is one 
of the main agents of cultural 
‘diplomacy. It is do more than 
{good sense to ensure, that the 
| Council's activities should be 
properly fended. The Govern- 
ment’s reluctance to accept the 
British Council's demand that 
its grant should be iucreased by 
a few million pounds is based 
cm the argument that it is sub- 


ject to overall policy con- 
straints, namely that public ex- 
penditure should not rise as a 
proportion of GNP. 

That is clearly a consider- 
ation which cannot be ignored. 
But it fails to take into account 
the extremely serious erosion 
of the grant, wbich has declined 
in real terms by 23 per cent or 
£20u since 1979 ana has been 
reduced during the same period 
from 46 per cent of the Council's 
turnover to only 29 per cent in 
IS87-88. 

It is true that the Council's 
success in making English-lan- 
guage teaching pay for itself has 
done something to relieve the 
financial strain. But this has 
been no more than a drop in the 
ocean compared with the Coun- 
cil’s financial requirements to 
promote the arts, libraries and 
English-language teaching in 
the Soviet Union and other 
Eastern Eu ropean countries. 

With the advent of glasnost, it 
is important that Britain should 
not lag behind in its cultural di- 
plomacy in Eastern Europe. Yet 
the British Council’s budget for 
the Soviet Union, fended en- 
tirely by the government grant, 
is only fl.2m. half that of Bot- 
swana, which is paid by aid 
fluids. It has also been nothing 
short of scandalous that the 
number of overseas students 
coming to Britain has been al- 
lowed to decline by nearly 40 
per cent following the introduc- 
tion of full cost fees in 1979. The 
trend has only just started to be 
reversed, but the British share 
of the world market in this area 
is now only half of what it was 8 
years ago. 

From these figures it is clear 
that, not only has the Govern- 
ment adopted a philistine atti- 
tude towards the promotion of 
British culture abroad, but it 
has not even satisfied its own 
criterion that cultural diploma- 
cy should vigorously promote 
British interests. The overseas 
students of today often turn out 
to be the political and commer- 
cial leaders of their countries 
tomorrow and a successful visit 
by the National Theatre or Lon- 
don Symphony Orchestra to 
Moscow can reap diplomatic 
benefits far exceeding those of 
an official visit by a Govern- 
ment Minister. That is what cul- 
tural diplomacy is all about It 
is nothing short of amazing that 
the Government still thinks the 
problem is mainly one of termi- 
nology. 


/ 





'• *5 


V. . 

“ " " h JL 


to commodities 

FYtn&Br PCoUma. 

Sir.- Mr Kahn urges readers 
(October 21) to add their views 
oa ths BiBng of cnzrency val- 
ues to commodities, perhaps I 
might comment 

.It ft not sufficiently widely 
appreciated that JALKeynes re- 
pudiated the "Keynesian" fine- 
tuning government spending 
towards the end of his life, and 
advocated instead a more "auto- 
matic" system based on count- 
ercyclical stock-piling of pri- 
mary-commodities - . with the 
intended benefits described by 
Mr K»hn. Unfortunately Keynes 
did not provide a satisfactory 
mechanism for permitting the 
required flexibility In commod- 
ity prices, while the linking of 
cutrency to a ."basket" of com- 
modities, as advocated by Ben- 
jamin Graham among others, 
faces severe practical difficul- 
ties. ; 

Any practical system for link- 
ing the value of money to com- 
modities must be based on a 
range of commodities; must 
avoid, distorting commodity 
markets; and must enable indi- 
vidual countries to implement 
it. Independently in terms of 
their own currency. The propos- 
al of the Australian economist, 
the late Leo St Clsxe Grondona 
fata system of conditional cur- 
rency convertibility is unique 
to achieving these objectives, 
enabling national governments 
to determine in advance the 
scale on which to implement 
the system. This entails also 
that its implementation would 
he politically for easier than a 
system which requires an 
open-ended committment com- 
bined with detailed interna- 
tional aggreements. 

The late Sir Roy Haxrod wrote 
"Hie tragedy of it is that his 
highly practical proposals have 
not long since been implement- 
ed" more than ten years ago. Is 
tt inevitable that national Trea- 
sury departments are incapable 
of innovation in the absence of 
a real financial crisis? 

Dr PQ Collins, 

Imperial College of Science and 

Technology. - . 

Exhibition Rood, SW7. 

High cost of 
absenteeism 

FnmWMaMhewman. 

Bir r With respect to your arti- 
cle on absenteeism (October 26) 
- for some time the cost of it to 
Btftishindnstiy has been gross- 
ly underestimated and it Is in- 
teresting to see that the recent 
CBI survey places a figure of 
some £5bo. Even this is thought 
by many to be low given some 
studies pat the total number at 
389m lost working days a year. 
This would imply a coat of some 
£Z5bn on the basis of an average 
weekly rate of £I99 l Whatever 
the figures, absence from wort 
remains the largest single rea- 
son for loss of productive time 
and yet significantly the least 
discussed, pew firms accurately 


• •a-.-.* 

•■--i 


■ .... 


* iEiTI 

'“”V c*i»- ■ • -«ir\*y vtw » 

■ J ' ~* ™ bert p’.iBrrrot nccs 


Letters to the Editor 


record sickness absences; many 
supervisors and managers still 
feel that It is impossible to chal- 
lenge ah employee who pres- 
ents a medical certificate and 
the vast majority of self-certifi- 
cates are rnbberatamped even 
when the reason for the illness 
includes such glamorous de- 
scriptions as "knackered" and 
"ergophobia*. 

The problem is now so great 
that on average every member 
of our working population takes 
14 days of "certificated^ sicknes- 
sabsence every year. If an or- 
ganisation of 1000 employees 
could reduce just two of these 
days at average pay rates, a sav- 
ing of some £79,600 a year can 
be gained. If this Is the case, on 
a national basis £2bn could be 
saved. Organisations must keep 
accurate records and should in 
particular note an employee’s 
pattern of absence. Organisa- 
tions should try and cost their 
absence as the Introduction of a 
£ sign into the statistics will 
guarantee co mmi tment from the 
.very top to the line supervisor 
on why absence control is so im- 
portant All employees must be 
interviewed by supervisors on 
their return to work and be 
shown their attendance record. 1 
Letting the employee know the 
organisation knows, is half the 
battle.' 

Jim Matthewman, - 
Percom, lOO hanger Jjsne, W5. 


Enhanced role 
for UN 

From Mr A Ignatov 

Sir, - Like Edward Mortimer 
(October 20) I too would tike to 
see the US adopt a more posi- 
tive attitude to the possibilities 
of an enhanced role for the UN 
in all areas of international 
concern. . 

I would suggest (hat Mfkha il 
Gorbachev’s' September article 
is a doctrine for comm ui cation. 
It is time we all accepted the 
logic that common problems 
can only be. resolved by a com- 
mon approach. This is Gorbach- 
ev’s key point. 

It is not op to one or two great 
powers to direct the general 
course of life- It is a matter for. 
all countries - both in observing 
the roles of international rela- 
tions (Gorbachev insisted on the. 
term "civilised- relations') and 
in resolving the urgent issues of 
polities, economics, culture, 
ecology and so on. 

The. Soviet Union- has at- 
tempted to. be as practical as 
possible. As far as the UN ^s 
concerned this means not sim- 
ply a peacekeeping role in time 
of conflict Mikhail Gorbachev! 


suggested the creation of a mul- 
tilateral centre at the UN fori 
lessening the war danger. He 
underlines the usefulness of 
non-governmental commissions 
and groups that would be ai 
lysing the causes, circum- 
stances and methods of settle- 
ment of particular conflict 
situations. 

What most attracted my atten- 
tion in the article, however, was 
the idea of setting up a world 
consultative council under the 
UN ansplces to bring together 
the world’s in t elle ct ual elite. 
Something like a club of the 
most experienced and knowl- 
edgeable people. Who could 
form part of it? Prominent sci- 
entists and scholars, represen- 
tatives of international organi- 
sations, personalities engaged 
in cultural activities, literature 
and art, politicians and public 
figures, eminent church lead- 
ers. Naturally, the list could be 
ex t e n ded. 

To begin with, such a "’council 
of wise men" could do much to 
build vp the in t ellectual and 
ethical potential of world poli- 
tics. It eould broaden its scope 
to include important ouestions 
of the development or society, 
morals. Science and technology 
-questions requiring extensive 
consultations and a search for a 
co mm on human approach. Dis- 
cussions could be conducted by 
Winners of Nobel and other 
prises, recognised and respect- 
ed by the world community, as 
well ashy members of all kinds 
of academies, 

■ It Is dear from the response 
to this February's international 
ibrum in Moscow that there is a 
lane body' of goodwill waiting 
tb .be tapped. The world eould 
only benefit from a broadening 
of such intellectual contact. 
Alexander Ignatov, 

NooosH Press Agency 
4 Zubooski Boulevard, 

Moscow 


Vagaries of 
the M25 

From VtM Woodward. 

Sir,- I was interested in the 
survey on the M25 (October 23) 
since I often suffter the vagaries 
of this route from joining it at 
the A12 intersection to leaving 
it via the Uxbridge turnoff 
I will leave to others the anal- 
ysis of the basic design short- 
comings (apart from observing 
that the provision of "crawler 
lanes" seems sporadic and 
mean and causes much of the 
overloading of the west bound 


»aaPgj Pm 

ttnraoffhh 

I would, h o w e ver, co mm e n t 
on tiie standard of management 
of this resource which seems to 
lack drive and imagination. 
Many readers will have noted 
"black Thursday" October 22 
when up to a 25 mile tailback 
apparently occ ur red. I was in 
this for 10 miles and expected at 
the end of tt to find a major di- 
saster blocking probably all of 
the carriageway. This was not' 
the case for on arrival at the fi- 
nal block, there was merely one 
lane coned off Why was not the 
hard shoulder opened up at this 
point? 

I and others have a feeling 
that an easygoing attitude pre- 
vails and if there is a problem 
then "cone tt off and and ignore 
the consequences is too often 
the answer. Again, the normal 
housekeeping is neglected - too 
much debris litters the road a 
have passed the same discarded 
tyre for 10 days running). 

Unless the Department of 
Transport plans ahead to im- 
prove the short and long term 
bottlenecks and above all to 
manage effectively the resource 
we have, I can see this route be- 
coming a matter of increasing 
disadvantage to those who have 
invested significant monies in 
property being served by il. 
Michael F Woodward, 

47 Barrack Lane, 

BanakK Essex, ■ . . 


New university 
in Hong Kong 

From the Principal, London 
Business School 

Sir,- Michael Schwartz (Octo- 
ber 27) bemoans the lack of a 
technical university in Hong 
Kong. As a member of the plan- 
ning co m mittee, 1 would llV* to 
point out that a new university 
Is currently under way in Hong 
Kong. 

It will have three faculties; 
science, engineering and tech- 
nology, and business studies. A 
substantial rite has been ac- 
quired on the eastern ride of 
the New Territories; funds far 
the buildings have been provid- 
ed by the Jockey Club and the 
Government A -vice-chancellor 
Is shortly to be appointed and 
the results of a building compe- 
tition will be annonneed next 
month. The initial rize -far the 
university ia 7000 students, with 
the first entry nfanmwi for Sep- 
tember 1991. 

The university will be legally 
incorporated next April and the 
constitution, clearly indicates 
the desire to ensure that it 
builds strong links with indus- 
try (including service indus- 
tries) from the onset 
(Professor) PG Moore, 

Sussex Place, NW1. 


VU La... 

0*w ■* -Vi'f .. 


Strutt & 
Parker 


A rapidly increasing presence 
in commercial property 


We are currently advising on 
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of new shopping space 
throughout the U.K. with 
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telephone 01-629 7282 tefex 8955508 


r 



Xhe closer you look at 
• ro Perty Management 
the more you see... 

■01-2304040 St Quiiitin 


FINANCIAL TIMES 


A 


Friday October 30 1987 


American Appraisal (UK) Untied 

«HMH4 tsnton'fctoptaw 01-639 17JB 


Brussels wields the blue pencil 


BY QUENTIN PEEL M STRASBOURG AND PETER BRUCE M BONN 

EUROPEAN Commission offi- a small affair, of a drop in the 
“Ms yesterday made a vain at- dollar to DML6Q instead of 
tempt techange the record of a DMLSO: it would mean an ex- 

BJ Ur Jacques Delors, tra EcsUbn in agricultural 
we commission president, in spending." 
which he suggested that the However, according to the 
vb was prepared to let the dol- parliamentary record - and the 
“dropto DBU.69. notes of journalists present . 

which caused a Mr Delors actually said: “Don't 
in the value of the have any illusions. The USA 
us currency on Wednesday, are ready to let the dollar dm 

were sharply criticised by fl- to DM1.66. That would mean an 
Banco Officials in European extra EcuJL2bn on the Comma- 
^hlg. ni(y budget for farm spending*. 

A sanitised transcript of the The "official” Commission 
speech to the European Par 11a- version of Mr Odors’ speech 
meat was issued in Brussels, also dropped one sentence of 
as senior officials stressed that direct criticism of the moae- 
U mnst be seen in the context tary policy of West Germany, 
of an urgent appeal for Europe- On the subject of Interest 
a® economic growth and closer rates, Mr Delors had said: 
Cooperation. "Frankly, we most say that the 

Federal Republic has not been* 
reasonable". There Is no sign of 
that sentence in the official 
script. 

According to the Coauais- 


According to this new text, 
Mr Delors said: "Do not have 
any illusions. Ton will see the 
consequences for the Comma- 
Bity budget, even if that is only 


non version, lb- Delors simply 
said that "in real terms Ameri- 
can interest rates were lower 
than German interest rates” - 
and therefore the Louvre 
agreement had net been suc- 
cessful In managing interest 
rale differentials. 

Lord Plumb, British Presi- 
dent of the Parliament, Inter- 
vened to insist that the record 
he kept to the words as deliv- 
ered in the assembly. 

A West German Finance 
Ministry official called Mr Do- 
lors’ remarks 'entirely incor- 
rect”; while the French Fi- 
nance Ministry insisted they 
did net reflect the view of the 
Louvre signatory nations or of 
the French monetary authori- 
ties. 

Mr Who Duisenberg, presi- 
dent of tiie Dutch central bank, 
also criticised Mr Delors say- 
ing that those responsible ter 
monetary policy should 'In 


principle, refrain from re- 
marks about the preferred lev- 
el tor the dollar or interest 
rates.” 

Commission headquarters in 
Brussels admfted that Mr De- 
lore did not know what the US 
Government planned to do 
about the dollar. 

The United States has no 
reason to consult him about Its 
Int e n ti on s,” a apo h e aman said. 

Meanwhile, Bonn continued 
to resist pressure yesterday to 
do more to boost domestic 
growth and, so, to rednee Its 
large trade and eorrent ac- 
count surplus. 

Mr Martin Baagemann, the 
Economics Minister, add West 
Germany was doing enough 
and that the eorrent turbu- 
lence on world equity and for- 
eigu exchange markets should 
not he "trivtalised or drama- 
tised.” 


Quentin Peel looks at the call for economic co-operation 

Delors delivers thoughtful plea 


Seldom can a speech to the Eu- 
ropean Parliament in Stras- 
bourg have aroused such in- 
stant and ftirious reaction as 
that of Mr Jacques Delors on tbe 
subject of the world financial 
crisis. 

The focus of criticism, from 
Washington. London, Paris and 
Bonn, has inevitably been on 
his dramatic prediction on the 
dollar. 

Yet his remarks were part of a 
much more thoughtful, if pas- 
sionately delivered, plea for 
closer European monetary and 
economic co-operation, radical 
action to boost European eco- 
nomic growth and employment, 
and a new deal for Third World 
debt, which produced a sponta- 
neous ovation from Euro-MPs. 

Mr Delors, who made his 
name as French Finance Minis- 
ter before he came to Brussels, 
founded his arguments on the 
need for the US to put its own 
economy in order by reducing 
tbe Federal budget deficit, and 
for Europe to match that action 
by taking positive measures to 
boost economic growth. 

He argued that Europe was 
still not doing enough to speed 



Jacques Delors 

up its economic growth, either 
to expand world trade - and 
therefore assist developing 
countries to repay their debts - 
or to absorb its own unemploy- 
ment 

if Europe refused to expand, 
then the US would be faced 


with two choices: to let the dol- 
lar foil further, or relapse into 
trade protectionism. 

He warned that with Japa- 
nese capital financing 00 per 
cent of the US trade deficit, 
there was an effective oligopo- 
ly, if not a duopoly, controlling 
the world economy. Europe was 
excluded because the US Gov- 
ernment had to concentrate its 
major efforts On maintaining 
that Japanese financial sup- 
port 

As a result, it was the Europe- 
an Community which was more 
frequently the butt of US trade 
action. 

Mr Delors said the underlying 
causes of the latest crisis were 
twofold: the excessive liquidity 

in the financial Tnarkafaf, a™ 

the failure to tackle the debt 
problem. 

He cited the foct that nine out 
of ten international transac- 
tions were purely hanking 
transactions, not directly relat- 
ed to the creation of goods, ser- 
vices or jobs. 

He called for for greater co- 
ordination of European eco- 
nomic and international mone- 
tary policy, citing the foilure of 


US banks become net exporters of capital 


BY ALEXANDER NICOLL, EUROMARKETS EDITOR, IN LONDON 


US BANKS became substantial 
net exporters of capital from 
the United States during the 
second quarter of 1987, revers- 
ing flows in previous quarters 
when they had helped to fi- 
nance the US current account 
deficit, according to figures 
published today by the Bank for 
International Settlements. 

The Basle-based bank, owned 
by the world’s major central 
banks, reported that growth in 
lending abroad by US banks 
outpaced the growth in their ex- 
ternal liabilities. 

Their assets and liabilities 
grew by $19Bbu and $11.6bn re- 
spectively, in contrast to a 
$35bn contraction in their net 
creditor position during the 
previous nine months. 


Continued from Page 1 


- The BIS said the growth in US 
banks’ external lending was re- 
lated to their expectations of a 
weaker dollar, which boosted 
borrowing of Eurodollars - dol- 
lars outside the US - for hedging 
or speculative purchases. This, 
in turn, pushed up Eurodollar 
interest rates relative to US do- 
mestic rates and sucked money 
out of the US. 

The BIS figures show a record 
S70bn rise in new international 
lending - excluding interbank 
loans - by banks in industri- 
alised countries during tbe sec- 
ond quarter, topping the $85bn 
of the previous quarter. The 
first half increase of $135bn 
compared with a gain of only 
$S5bn in the same period of last 
year. 


Of the second quarter total, 
$ 61 bn went to borrowers in the 
industrialised world and more 
than half to Japan. The figures 
show that a substantial part of 
this lending was in effect fi- 
nanced by developing coun- 
tries. 

Developing countries outside 
the Organisation of Petroleum 
Exporting Countries increased 
their deposits by $14.6bn, al- 
though they received new loans 
totalling only a net gLlbn. In- 
cluded in these deposits of 
$5.7bn by Latin American coun- 
tries which received only $LSbu 
in set new credits. 

OPEC members increased 
their deposits by ?7.4bn w hile 
receiving new loans totalling 
$Z8bn. 


Overall cross-border bank 
lending expanded by $173bn in 
the second quarter compared 
with only $81 bn In the same pe- 
riod of 1986, mainly because of 
increased lending by banks to 
other banks, especially Involv- 
ing Japan. 

Japanese banks, which typi- 
cally slow their international 
activities in the second quarter, 
this year accelerated them I 
sharply. The BIS said this was 1 
because of investments in for- 
eign currency securities, to 
competition between Japanese 
banks on the size of their bal- 
ance sheets, and to demand for 
fimds from companies in Japan. 

Details, Page 81 


UK Chancellor gives BP share issue go ahead 


did not add to present difficul- 
ties in world markets. 

He denied that this in any way 
bailed out the underwriters. 

• The Bank of England was 
brought in as an independent 
assessor alter two days of talks 
between the underwriters of 
the issue and the Treasury had 
thrown up a fierce division of 
opinion on whether the issue 
should go ahead or not 
The Bank is believed to have 
presented Mr Nigel Lawson, the 
British Chancellor, with its as- 
sessment of the options at 


around 5pm last night It is 
thought the Bank recommended 
the issue should go ahead, but 
was keen that there should be 
special provisions which would 
transfer some of the risk from 
the underwriters to the central 
bank. 

It is believed the Bank strong- 
ly advised the Government not 
to go ahead without any safety 
net because of serious concern 
about the liquidity of some fi- 
nancial institutions after the 
precipitous share price col- 
lapse on world equity markets 


over the last two weeks. 

It is thought that the view was 
also expressed that to go ahead 
with the issue against the strong 
argings of the US and Canadian 
authorities, would have under- 
mined Mr Lawson's many pub- 
lic statements recently in sup- 
port of international 
cooperation. 

It is also believed the Bank 
leant against the option of poll- 
ing out of the issue because this 
would have been too politically 
damaging. 

Equity analysts said the deci- 


sion to drop the Issue could 
have risked further undermin- 
ing confidence in financial mar- 
kets which could have inter- 
preted such a radical reversal 
of Mr Lawson’s positive position 
on the sale as a sign that there 
were indeed serious strains ini 
the financial system. 

Indeed, one economist said 
that, to drop the BP sale, was a 
resigning issue for Mr Lawson, 
and, if perceived in this way, 
would seriously dent market 
confidence. 


Intervention limits dollar losses Continued from Page 


EC member states to follow a 
common line at the last IMF an- 
nual meeting in Washington. 
Only France and the UK had 
supported each other for a com- 
mon debt initiative. 

One reinforcement of the Eu- 
ropean role in international 
currency relations would be to 
give the Ecu (European curren- 
cy unit! the tell status of a mon- 
etary reserve, he said. 

A second key component 
would be a concerted European 
growth initiative. 

The third element must be a 
co m prehensive plan to tackle 
debt That would require a re- 
definition of the concept of 
'conditionality" by the IMF. It 
would also mean that the com- 
mercial banks, which had made 
substantial profits from Third 
World loans in the 1970b, most 
now be prepared to advance ad- 
ditional new funds to tide the 
system over. 

There must also be a compre- 
hensive plan to increase the 
How of fluids at subsidised low 
interest rates, with an increase 
in fluids for the IDA. and a spe- 
cial deal for sub-Saharan Afri- 
ca. 


Reagan 
names new 
Supreme 
Court 
candidate 

By Uonal Barter In W ashi n gton 

PRESIDENT RONALD Reagan 
yesterday announced a new Su- 
preme Court nominee to re- 
place his defeated first choke, 

Judce Robert Bork. 

Tbe President presented 
Judge Douglas Ginsberg, 41, a 
former Havard Law School Pro- 
fessor and head of tbe Justice 
Department’s anti-trust divi- 
sion, to more than 200 business, 
legal and political figures at a 
White House ceremony. 

The choice of Judge Ginsberg 
to a victory for Hr Ed Meese, US 
Attorney-General, who urged 
the President to nominate a' 
conserv ati ve judge as dose to 
Judge Bork as possible and to 
stand firm against liberal pres-^ 
sure groups' opposition. 

Mr Reagan called on the US 
Sanata to confirm Judge Gins- 
berg as soon as possible and to 
avoid the delay surrounding the 
Bork nomination which led to 8 
bruising four-month battle, end- 
ing last week in a 58-42 vote 
against the nominee, the heavi- 
est defeat in histoxy. 

The President, decrying the 
political battle over Judge 
Bork, said it was vital to have a 
quick confirmation: *If these 
hearings take longer than three 
weeks to get things done then 
the American people will know 
what’s up." 

Judge Ginsburg, who to Jew- 
ish, to attra ct ive because he to 
young enough to foil ad- 
vantage of ufo-long tenure. He 
would be the youngest Supremo 
Court justice since W illiam 
Douglas, the fomed ’ liberal, 
joined the court in 1289. 

But his age could raise ques- 
tions about his experience^. He 
was only nominated to the US 
District Court of Appeals in Oc- 
tober MBS. 

A former graduate of tbe Lon- 
don School of Economics, Judge 
Ginsberg once clerked for Jus- 
tice Thurgood Mara»»»u, the on- 
ly black ever to sit on the court 
and who at 79 remains one of 
the four liberals left on the 
bench. 

The Supreme Court seat foil 
vacant in the summer when the , 
moderate conservative from Vi- . 
riginfa. Justice Lewis Powell, | 
79, announced he was resigning 
on health grounds. Justice Pow- 
ell was widely seen as a swing 
vote on the nine member court 
I because of his moderate views 1 
on social and civil rights issues. 

! Judge Bark’s rejection was a 
se ve r e blow to President Re- 
agan’s hopes of tartrfiiig a con- 
servative majority In the nine- 
member court. 


THE LEX COLUMN 


present levels unless the US se- 
cured a sharp reduction in its 
budget deficit Reported com- 
ments by Mr Jim Wright, the 
leader of the Rouse of Repre- 
sentatives, suggesting that the 
White House was backtracking 
on its acceptance of tax in- 
creases. added to the uncertain- 
ties, although the remarks were 
subsequently denied. 

Tbe central banks themselves*- 


also appear uncertain as to 
what extent the dollar can be 
propped up in the absence of 
policy adjustments. Senior offi-. 
cials have been discussing the 
possibility of a Group of Seven 
meeting but appear to have ac-. 
cep ted that it would be point- 
less until the situation in Wash- 
ington becomes clearer. 

Mr Claus Koehler, a director 
of the Bundesbank, acknowl-. 


edged that the central banks’ 
were not trying to defend any 
particular rate for the dollar 
but rather to restore order to 
'the markets. 

The dolla r closed in London 
at DM1.7280, sharply lower than 
the DM3.7530 seen at the end of 
European trading on Wednes- 
day, although above its worst 
levels of tbe day. It also ended 


at Y13&15, down from Y139. In 
New York tbe dollar closed at 
DM1.7395 and Y 138.75. Against 
the pound it closed at $1-7125. 
Sterling continued to climb 
against the dollar, but lost some 
ground against other major cur- 
rencies. It closed in London at 
$1.7205, 1 cent higher than on 
Wednesday, but lost 23 pfen- 
nigs against the D-Mark to end. 
at DM29725. . . \ 


World Weather 


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a 13 Frankfurt 

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33 91 hnUnck 
14 57 hwmwi 

11 52 lain ■hail 
7 45 Uanlwi 

23 73 J Stan* 
a 73 Jam, 

22 72 Jotaf 
29 W Lima 

10 « Lisbon 

12 51 Lonoon 

ia 55 Losangam 
9 49 UmriMurg 
14 57 Madrid 


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45 UntiMtor 5 9 « RtadtJV 

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51 HnkaCky 8 SB 7a Son Foncltca 

79 IM S a S3 Sax* 

5« Wait R » 98 Smxm 

6S ifenM S ■ 49 StaSwb 

45 HoacM S 9 fl Stewksarg 

& Hunk* C 9 « bom 

*S ftetfct f a 92 Tdm) 

77 Nasfaa H 22 72 Taagfcr 

53 bii B 30 N TUUMr 

41 NavDHM S 30 U Tmtflb 

89 Nm, Tort S 14 97 Tokyo 

4# Km R n 53 Taranto 

91 Ibk 6 31 79 Tula 

52 Oporto F 15 SB UMnda 

81 ova R 7 45 VMM 

71 Porto F 12 94 VHnm 

El ntt* C 15 58 Wwm* 

50 Pnraa S 7 45 Wu htncWn ■ 

ia Ranaiii s 4 a zutai 1 


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3 It H 
SDH 
C 21 19 
SUM 
IH 22 71 
C 17 SI 
C a 77 
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C 11 52 
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t ns 
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5 22 72 

ran 
s a 75 

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3 » n 

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C 12 54 
S 0 43 
S 7 a 


Continued from Page 1 

Wall Street advances 


J flartgarfoM^martqr 
70 COwdfMM&iaFfafrFjAglU 
a &5ui stem Sr*®** r-nmdv 


the underwriters of the issue,! 
was yesterday feverishly work- 
ing out a compromise solution. 

The Bank, as protector of the 
financial system in the last re- 
sort, is believed to have been 
Concerned about the BP issue 
as an extra substantial drain on 
institutional liquidity at a time 
when markets have been in tor- 
moil, a worry obviously shared 
by the Canadian and US govern- 
ments. 

Independent economists said- 
yesterday that neither the op-‘ 
tion of going ahead with the is- 
sue with no safety net nor of 
pulling out of the issue com- 


pletely would help stabilise tbe I 
mood in the equity market 1 

US bonds gave shares on Wall 
Street crucial underpinning. 
.Typically they would have 
sagged as the dollar fell but] 
prices held up yesterday amid 
hopes that governments around 
the world were Intent on push- 
ing down interest rates that 1 
there would be sufficient do- 1 
mestic demand at next week’s 
Treasury auction to make up for 
any lack of foreign interest. 

UK Government bonds, which! 
have been tracking the US mar- 
ket closely, ended about %] 
point higher. i 


US nears 
agreement 
on EC 
beef ban 

By Tka Dlckaan In BniaaelB 

THE US seems poised to accept 
a European Community plan 
which will allow most member 
states to postpone a controver- 
sial ban on beef produced with 
hormones. 

The prohibition, agreed In 
principle in December 1985 but 
not due to come into effect until 
January 1 next year, has deeply 
angered the US which has said 
that more than 5 130m of meat 
exports (produced with the aid 
of ■growth promoters’) will be 
'prevented from entering the EC 
after this d ate. 

It says the ban was politically 
inspired and has no scientific 
basis. 

Intense diplomatic efforts 
have been made to persuade 
I the EC to overturn its decision- 
| including the explicit threat of 
trade retaliation - but Washing- 
ton now accepts that the best it 
can hope for is a delay in the 
law's implementation. 

The European Commission 
has officially reftised to admit 
'that negotiations are taking 
place; bat officials privately 
.confirm that under the compro- 
mise individual member states 
will be allowed to defer appli- 
cation of the new rules for a giv- 
en period, probably either 12 or 
18 months. 

Tbe matter could be decided 
by the Commission’s veterinary 
committee on November 10 but 
may require EC Farm Ministers 
to make an overt political deci- 
sion a week later. 

The delay will be justified on 
the grounds that from January 1 
there will be large quantities of 
hormone impregnated meat (not 
least in the Community’s own 
"Intervention” stores) which will 
have to be "washed out” of the 
i system. 

[ France, which is worried 
|about the effects on internal 
[European trade, has been push- 
ling particularly hard for such a 
deal with the US. 

I The US is still understood to 
be concerned about some of the 
outstanding details - notably 
[how many countries will take 
advantage of the delay- but one 
close observer indicated last 
'night that an agreement was 
now ■very, very likely'. 


When the chairman ofiCI de- 
scribed hlmaelf as “narked” yes- 
terday to the behaviour of his . 
share price, he was speaking for 
a forge part of British industry. 
To have one’s shares fell from 
£18.40 to £X0 in three weeks is 
one thing. To see them foil far- 
ther in : response .to record, 
nine-month profits of abn - In a 
rising market, at that - must be 


The viewpoints of the compa- 
ny and the market are classical- 
ly opposed. Self-evidently, noth- 
ing has happened to ICTs 
trading prospects in the last 
three weeks which could justify 
a 40 per emit foil in its value. 
The company to alsoconfideht 
about the health of its markets 
for at least the rest of the yean 
But in its bear phases, the mar- 
ket treats industrialists’ fore- 
casts with something like con- 
tempt. Tbe last three weeks - 
and the current year’s: trading - 
are mere history. What matters 
now is that Id has a quarter of 
its sales in the US, is heavily ex- 
posed to currencies, and is in 
the boom phase of a cyclical in- 
dustry. 

As Id patiently explains, it is 
not quite that simple. The cycli- 
cal part of its business to toe 
commodity end, an< ^ in the US, 
where a recession is most to be 
feared, the group sold oat of 
commodity chemicals entirely 
baric in July. In Europe, where 
its commodity business col- 
lapsed overnight in the reces- 
sion of 1980, it really should be 
different this time round. Then 
inflation was rampant, toe oil 
price was -rocketing, there was 
enormous industry overcapaci- 
ty, the company itself was over- 
manned and the crucial DM ex- 
change rate was nearly 5 to toe 
pound. Now toe oil price is sta- 
ble, demand exceeds capacity, 
the UK workforce has been 
halved and sterling is pegged at 
DM 3 l In any case, the group’s 
reliance on commodity rather 
than speciality chemicals has 
fellen sharply in the pastfive 
years. 

But in the present mood of tbe 
market, that Kind of argument is 
so subtle as to be irrelevant Be- 
sides the foct that Id to a big 
liquid stock wideh-canfre easily 
unloaded in a panic, there is a 
strong xenophobic streak to 
markets under pressure. One 
reason for tbe strong relative 
performance of stocks like Bass 
and Marks and Spencer to that 
beer-drinking and retail shop- 
ping are domestic activities 
I which can be kept under re- 
view. ICI, by contrast, deals in 
obscure chemicals in strange 


ICI 

Share Price raistwe to 
FT-A Alt-Share Index 
110 



parts of toe world. There will 
come a time when ICI at under 
£10 looks a remarkable bargain, 
bat it could.be toe other tide of 
Christmas. 

Markets 

The directions of markets - 
both securities and foreign ex- 
change - are now wholly in the 
grip of swings in sentiment 
among their participants. But 
there appeared to be a sharp di- 
vergence in mood between toe 
two yesterday. While equities in 
the UK and US were managing 
to foel more optimistic, curren- 
cy dealers were more bearish 
than ever on the dollar. 

The reasoning behind e more- 
cheerfbl equity market, despite 
dow n ward revisions of fore- 
casts, was that the foils already 
seen more than discount tbe re- 
duced expectations. The FT-SE 
100 index has not only dropped 
below its January 1 level but al- 
so (since toe market peaked 
early last year) dosed last night 
35 points under its high in April 
1988. With 18 months of earn- 
ings and dividend growth since 
then, an outlook not that much 
worse, and a yield gap back in 
toe bounds of sense, it might be 
right to pick up equities now, if 
only to average down. 

This more sanguine view 
could switch back to misery just 
as rapidly. And it is hard to see 
how the mood can long coexist 
with toe dismal scene in curren- 
cies. There 'the -sensibilities- of 
traders were repeatedly jolted 
yesterday by a string of state- 
ments from central bankers, 
politicians and opinion for- 
mers. Remarks supposed to be 
comforting- such as that the US 
stands bar toe Louvre accord - 
were disbelieved. Those seen to 
be bearish were seized on, and 
no doubt taken as for out of con- 
text as Jacques Delors com- 


plained his speech was on 
Wednesday. 

- The continued lack of firm, 
credible news on cutting toe US 
budget deficit, which is now 

■ seen rightly or wrongly as toe 
key to toe world’s problems, is a 
daily drain on what little confi- 
dence remains. And the obvious 
disagreement between the G7 
finance ministers - with the UK 
likely to cut interest rates again 
while West Germany and Japan 
dig their heels in - reflects no 
credit on any of them. A show by 
the politicians that they treat 
the situation as seriously as the 
mar k e t s do could swing the 

- mood back to equilibrium, if not 
euphoria. 

Institutional flows 

The sheer scale of institution- 
al investment behind the run- 
up in UK share prices to their 
peak in July is vividly illustrat- 
ed by toe flow of funds figures 
for toe second quarter, released 
yesterday. UK pension funds in 
particular seem to have thrown 
caution to the winds, piling into 
equities at a time when the re- 
verse yield gap was steadily 
widening. Total institutional in- 
vestment in UK equities 
jumped from £L4bn to £4.0bn 
between the first and second 
quarters of 1987, and UK pen- 
sion funds’ alone channeled a 
record £&9bn into the UK stock 
market in the second quarter. 

For the past nine months, toe 
pension funds have been get- 
ting out of gilts and putting toe 
bulk of their money into equi- 
ties. The latest figures show 
that. In spite of the general rise 
in worldwide stock markets, UK 
pension fluids have been bet- 
ting heavily on the domestic 
market. Whereas in 1985 and 
1988 ah average 40 per cent of 
their share buying had been 
overseas, this fell to less than 10 
per cent in toe second quarter 
of thia year. Given toe 27 per 
cent drop in UK equity prices 
over the past couple of weeks, 
there will probably be some 
nasty post mortems over the re- 
cent investment strategy of 
many pension fluids. 

Although net sales of unit 
trusts slowed in the second 
quarter, they sharply Increased 
their investment in the UK eq- 
uity market, overtaking the in- 
surance companies as the sec- 
ond biggest institutional buyer 
of UK shares. Whether they can 
retain this position, following 
the recent collapse in share 
prices, is one of the biggest un- 
certainties facing a UK stock 
market which is desperately 
abort of liquidity. 


W e would like to take this opportunity to put 
the events of the last fortnight Into 
perspective, os they affect off unit trust investors. 

Although record JdBs in markets have 
occurred, they have tittle to do with the state of 
eitherthe world's economies or its majorcompcnies. 
Most are healthy and profitable. 

Consequently some qfthebestinvestjnent 
opportunities we have seen far a very long time 
are now emerging. 

Whilst the American 
economy faces a number of 
dtjfkufties, this isn't true of Britain 
or the great majority of other 
countries, as a result, we antidpate 
that most stork markets will before 
long begin thecEmb back towards 
higher levels. 

T/uscouM happen relatively 
qukkiy if America begins to tackle 
its main problem, its excessive 
budget deficit 

Ourjtindfnanogers’sale 
objective is to achieve over the 
medfoon-toJbngtErmaboveaven^e 
Investment returns from a range of 
intxrnnkmrdsharesandgovemment 
stocks. 

The stack market crash is presenting 
investors with the chance to buy shares In sound 
cornpazjfesatbargafnprke£ 

If you would like further information on 
<xn views of int&vktacfmmkets, or have any other 
Questions, please caS our investor services 

Department FREE on 0800 289 336. 


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tknmioreftmti Managers limited, GamTK)te}touse,lfria Monument Street, London EORaAJ. Teh 1212. Ll 


fry* 







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Ft NANCIALTIME S 




There is a new 


confidence about in 
Portugal. The Cavaco 


Government is making 
the most of a rare 


period of pbiitical stability, an 


improving economic climate and 
smooth transition to EC 
membersh ip. But there could be a few 
problems ahead, says David White 


New mood of 




Economy 


France and banking 
Foreign investment 


Agriculture 
Prosperous North 


Infrastructure and Bw South 
Hinterland: Aicobaca 


Potties 

Relations with former 
potwfOons 


Consumerism 
The media 


Tourism 

proflte Randsco VelosQ 


"THE PROBLEM." a -well-known 
columnist wrote the other day 
In die weekly paper Expresso, 
■Is fte increasing shortage of 
problems- Portugal always was, 
traditionally, a country Soil ©£ 
problems. Now we suddenly see 
Hi^t many problems have al- 
ready been resolved and that 
there is a manifest desire to re- 
■ctlve, before long, the few prob- 
lems left to us. what wifi be- 
come of us without our 
problems?" 

Awy ntMt l atunUngfliia wtm*w 
after being in Portugal, say, 
three yearn ago, would think the 
whole country had taken a lame 
dose of antf-de pr essant pills. 
Oh a weekend he could witness 
motorists parking on the hard 
ahoulder.af the motorway from 
Lisbon to Sintra in order to 
i at a new hypermarket Be 
1 raad news pap er s fat with 
advertisements. He could 
secretaries, still earning 
miserable wages by any other 
E ur ope a n standards, investing 
In shares, and a stock market, 
long ignored by the world in 
genend and P o r tuga l in particu- 
lar, having to stay open late into 
the evening to dear the orders. 

When Portugal, back in 1984, 
was strapped down by an IMP- 




and terrorised by inflation, the 
rage was a little white-haired 
lady known as Dona Branca who 
offered monthly interest of 10 
per cent an deposits (die is now 
m prison awaiting trialX Not 
wis&ataading recent tremors 
from Wall Street, the stock ex- 
change outperformed even her. 

Money deviously 
abroad has been coming back. 
Reserves of foreign c ur r e ncy, 
together with gold, at current 
market prices, are by now not 
for short of covering the $Ubn 
foreign debt Companies have 
been Investing in new produc- 
tion capacity. Car and commer- 
cial vehicle sales, property val- 
ues and household consumption 
have all soared. 

The new confidence is based 
on a particularly fortunate con- 
junction of circumstances. In a 
generally improved economic 
Climate - after the fell in oil 
prices. Finance Minister Mr 
Miguel Cadflhe can boast of 
FOrtogaFs recent performance 
as the best in the OECD." Un- 
and inflation have 
come down. EC -entry last 
year has given business its 
beedip so that it can plan 
ahead, and Community fluids 


have begun to their im- 
pact Finally, as if this was not 
enough, Portugal awoke after 
general elections on July 10 to a 
measure of political stability 
unknown since the 1874 revolu- 
tion. 

After 13 years in which Portu- 
gal got through 16 governments, 
it voted its first single-party ma- 
jority to consoli date t he Social 
Democrat Party CPSD) adminis- 
tration of Mr Anibal Cavaco SU> 

va. A* a result the political hori- 
son has cleared. The Prime 
Minister's ’’cohabitation” with 
Socialist President Mario 
Soares appears remarkably 
MMft, the latter evidently at 
ease in his role. Opposition to 
the PSD on both sides is out of 
Joint 

To the left, Mr Alvaro Cun- 
hal’s orthodox communists took 
a heavy blow and the socialists, 

under the leadership of Mr Vic- 
tor Constancio, former governor 
of the Bank of Portugal, are In 
some disarray. TO the right, the 
Christian Democrats, who have 
just reincorporated the unsuc- 
cessful presidential candidate 
Mr Diogo Freitas do Amaral, 
are waiting for resurrection. 

Since Portugal's EC accession 
a whole cycle has ended. Mr 


Soares' takeover from President 
Antonio Ramalho 
marked the exit of. the armed 
forces from the rote they as- 
sumed in 1874. With this year’s 
elections, Gen. Eanes, a transi- 
tion figure who in a stable dem- 
ocratic environment would nev< 
«r have emerged from Ida army 
career, lost his bid to remain in 
the scene. 

Portugal has locked its recent 
past away. When the man who 
orchestrated the "carnation rev- 
olution.' former major Otelo 
Saralva de Carvalho, was jailed 
in rather pathetic circum- 
stances for links with an urban 
guerrilla movement, it caused 
barely a rumble. 

Perhaps the Portuguese are 
In for an era less dominated by 
politics. But the circumstances 
of Hr Cavaco Silva's victory also 
shows up the volatile nature of 
the political process. In October 
1885 voters punished the social- 
ists in general elections. The 
following February they swung 
back to elect Mr Soares as Pres- 
ident Less than 18 months lat- 
er, in a country where the exis- 
tence of an overall left-wing 
majority, used to be considered 
axiomatic, they gave the cen- 
tre-right PSD a clear SO per cent 


of the ballot. 

Mr Ca vaco’s remarkable rise, 
borrowing somewhat from Mr 
Jacques Chirac’s promotion 
campaign in France, also at- 
tests to the traditional Portu- 
guese tendency for 1 
mo." This not only implies 
allegiance to personalities rath- 
er DrimdDies but the 
characteristic that the alto- 
can be abruptly 
iped. The maverick Demo- 
Renewal Party (PRD), 
formed around Gen. Banes, won 
49 seats in its first election two 
years ago. In July its share, 
dropped to seven. 

The uurriiw that "anything can 
happen In Portuguese politics 
and usually does" was vindi- 
cated, especially in the way the 
election came about in the first 
place: a bungle over a Soviet 
tour by a pamaroantaiy delega- 
tion, which was all ready to go 
to Estonia when .the foreign 
ministry remembered that Por- 
tugal did not recognise Soviet 
rule there. 

Gen. Eanes seised this as a 
chance to re g ain *ii«* limelight, 
withdraw support from the mi- 
ooxity government and bring it 
down with a censure motion. 
The incident harked back to the 


days when upsets in Portugal 
were a stock joke in Paris 
vaudeville. 

When a 19-year old West Ger- 
man lamia hit f| ||||in in Rad 

Square, Soviet marshals fell- 
Wben Portuguese MPs go to the 
Soviet Union, the Portuguese 
Government fella. 

The puzzling part of it was 
that the opposition was playing 
into Mr Cavaeo's hands. The 
PSD was able to increase its 
seats in the 250-member single- 

chamber parTlawiairf from 88 to 

148, ending a long run of coali- 
tions and minority administra- 
tions. 

"Cavaco has luck. That’s im- 
portant in politics," one of his 
predecessors commented. In his 
two yean ss Prime Minister Mr 
Cavaco has profited from the 
suffering of the previous 
Soares Goveraasent, which In 
retrospect overdid the austeri- 
ty. With one of the strongest ma- 
jorities in Europe, he stands a 
better chance his prede- 
cessors of achieving his pro- 
jmmno. 

He has also shown signs of 
more asse rtive ness in foreign 
policy, «»»Miing»»g Washington 
on the volume of aid Portugal 
receives in exchange for the US 


air base in the Azores. 

Aims include reducing the 
state sector, taking on the com- 
munist trade union lobby with 
■changes in the labour laws, re- 
1 forming the tax system and 
bringing further deregulation 
in an already-transformed fi- 
nancial system. 

Alkout privatisation depends 
on a constitutional review, due 
at the latest next year, and on 
socialist support in order to 
proride the two-thirds majority 
required for changing the text 
ana dropping the " ir rev ersi ble 
conquests of the working clas- 
ses." In any esse, Mr Cavaco has 
made clear that nationalised 
services will stay in state hands 
and that other sectors such as 
steel and shipbuilding are in 
too bad a state to be privatised. 

But in the interim the Govern- 
ment is confident that the legal 
ground Is dear for selling mi- 
nority stakes, probably in the 
firt instance in uncontrover s ial 
companies such as Marconi, 
where the state has a majority, 
or state-owned breweries. It is 
also preparing to transfer state 
newspaper interests and to 
make room for a private televi- 
sion channel. 

Mr Cavaco is counting on a 


sew mentality is the private 
sector, no longer waiting for 
state guidance or handouts, and 
a continued investment boom to 
sustain four per cast a year 
growth in the economy. Senior 
officials admit it will bo diffi- 
cult - but not, they say, impossi- 
ble - to reconcile this expansion 
with the other objectives of 
bringing the conn tty’s curre n t 
nine per cent Inflation down 
Anther, and of catting the gov- 
ernment deficit 

Some obvious hazards lie 
ahead, both in economic man- 
agement and Portugal's Inclu- 
sion in the Common Market Of- 
ficials aim to bring the boom in 
consumption under control 
through a mix of monetary 
curbs and a tough 1868 budget, 
expected to include increases 
in indirect taxation. The Gov- 
ernment wants to keep wages 
next year in line with a six per 
cent inflation target, but will 
come up against the rising ex- 
pectations created by recent 
Improvements in real Minings 

Concern about the volume of 
■hot money" corning in has al- 
ready been shown by na 
earlier this month to i 
speculative movements on 
stock market Analysts consider 
Portuguese blue-chip shares to 
have become grossly overval- 
ued, partly because of foreign 
fluids, and have been waiting 
for an ebb tide. 

Others see potential mimihs 
of payments problems re- 
emerging as a result of a yawn- 
ing deficit with the rest of the 
EC, which now more thmn 
70 per cent of Portugal's exports 
and supplies 89 per cent of im- 
ports. This year the current ac- 
count balance is expected to 
stay in surplus to the tone of 
about $400m. but a return to the 
red is not ruled out next year. 

The initial membership peri- 
od has been smoother *§■■» 
many expected, but these are 
still early days. Agriculture, 
most of which is given until 1990 
to prepare itself; is not consid- 
ered by experts to be imHb| 
the rapid adaptation required. 

It could be that Miguel Es- 
teves Cardoso, the columnist 
quoted at the beginning of thfat 
article. Is wrong after all, and 
that Portugal will not have to go 
out of its way to Invent new 
problems. 


: i,». 


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■ i.t," 





Invest in your future 
in Portugal 

with Shell Portuguesa 


Invista no seu futuro 
em Portugal 
com a Shell Portuguesa 



Shell Portuguesa, S.A., Av, da Liberdade 249, 1200 Lisboa, Telex 18322 Shell P, Portugal 






■> . .. 








Financial Time&Friday October 30 1987 


PORTUGAL 2 



;tSf| Sips- 

.; v v ' 

f : ilr* v 

■ 

■’ 


An expansionist-minded Government induces euphoria despite some less rosy news 

Moving nearer genuine market forces 


Consumer prices 


NHnMer, Mr Mlgual CadhHa, Is 
urnnlnf fnmlpi liiiliislilnllsls to 
set up buslaessss to boost 


1961 

12050 


1982 

14750 

22.75 

1963 

18450 

25.12 

1964 

23750 

28-92 

1985 

28450 

1961 

1988 

,31760 

11.75 

1967 

forecast 

+900 

liOBCMyJkw Aug 1967 


Jan/87 

33520 

151 

Rsb/87 

33850 

1.01 

MariB7 

343.30 

159 

AafB? 

May/87 

34550 

34550 

0-50 

059 

Jun/87 

34450 

-029 

JuW7 

345.40 

052 

Aug/87 

34920 

1.10 


Population growth 


9930500 

10,010,000 

10.090. 000 
10.230500 

10290.000 


Balance of trade 


Foreiyn exchanges reserves 
(1981-1987) 


Annual 1981 4988 
USSfan Fonripi 

Exchange 

1981 467 

1982 467 

1963 3S3 

1984 475 

1965 1,345 

1986 1,354 

■tenthly 1987 

Jan/B7 1.466 

Feb/B7 1,531 

Mar/87 1,456 

Apr/87 1,272 

May/87 1532 

Jun/87 1,645 

•Jii/87 2,184 

Aug/87 2500 


1961 

4561 

-9121 

-5560 

1982 

4.122 

-8584 

-4562 

1963 

5224 

-7.624 

—2.400 

1964 

5206 

-7233 

-2527 

1985 

5585 

-7.142 

—1.457 

1986 

7209 

-8544 

-1.635 


| Industrial production 1 

\ (1981-1986) | 

-Mfr-IM Sctan 

1981 

102 


1982 

106 

352 

1963 

106 


1964 

105 -094 

1985 

110 

4.78 

1986 

118 

545 


*COME TO my country and make 
money, 'is. the siren song of Mr 
Miguel Cadilhe the Portuguese 
Finance Minister, to foreign in- 
dustrialists he hopes to per- 
suade to setup shop In his coun- 
try. 

A great deal or money has 
been made already by foreign 
and Portnguese punters on the 
newly-feshionable, booming 
stock markets in Lisbon add 
Oporto - places most hot money 
ignored not long ago. 

Suddenly ana a little faddish- 
ly this small but swelling seg- 
ment of the economy has be- 
come internationalised. 

The authorities have become 
worried about the breakneck 
pace and daazlmg prices at 
which companies are auction- 
ing equity - with 100 public of- 
fers of sue scheduled between 
now and December in circum- 
stances where companies are 
still not compelled to provide 
exhaustive information about 
their financial status before 
and alter they go public. 

They are worried about the 
invasion of foreigners clamour- 
ing for whatever paper is going 
and willing to buy anything over 
the counter so long as it is Por- 
tuguese, about settlement de- 
lays and almost unbearable 
strains on the market’s modest 
structures, and on understaffed 
not yet folly-automated capital 
markets departments of banks 
and on grossly-overworked bro- 
kers. 

Recently the Finance Minis- 
ter warned that a market re- 
structure is imminent, includ- 
ing imposition of capital gains 
tax on share profits, severe pen- 
alties for insider trading and 
other abuses and immediate en- 
try into effect of a new Stock 
Market Auditor-General with 
powers to inspect market and 
brokers* activities, combat par- 
allel markets and illegal manip- 
ulation of share prices. 

No one was prepared for the 
sudden, surprising boom and 
euphoria that extends beyond 
the stock market to consumers 
now spending so hectically that 
private consumption rose 10 per 
cent in a year. Buying virtually 
any thing from perishables to 
durable consumer goods, new 
can, increasingly-expensive 
restaurant meals, overpriced 
new clothes and new houses or 
flats has never been so irresist- 
fble in Portugal. 

After bouts of severe depres- 
sion, real wage gain* and a be- 
lief encouraged by a strong ex- 
panriqmsbjniiided government 
majority that good times are not 



Lisbon SE 


index 1977-100 


5000 - 


Jan Fab . Mar Apr May «ftm- 
"• 1987 


Aug Sep Ocf 


IfateNiStMfc bchMSa QgfQt fee Government Is wonted about 
■ ■ ffl — wiite ls y wiiT abates eg theniartwfajnoitest - 


only here, they will continue in- 
to the distant fixture have sent 
once pennywise people scurry- 
ing in search of ways to part 
with their cash. 

To the casual onlooker the 
economy looks rosier than it has 
in decades. But is it that 
healthy? 

In some respects, yes. Infla- 
tion dropped ten points in two 
years, no mean achievement for 
a country with low production 
levels, rising costs and an en- 
demicnUy-inflationary budget 
deficit and accumulated public 
debt about which you hear little 
just now, but which has not gone 
away. 

By the end of flifa year there 
should be 9i3 per cent inflation - 
higher than the Government's 
optimum target of 8 per cent but 
close to the 80 per cent range 
they aimed at All being well in 
1888, inflation will drop to 
about &5 percent, graduallyap- 
proaching EC averages. 

Investment will grow 14 per 
cent this year, making up some 
of the distance lost earlier this 
decade in periods of stop-go 
growth shrouded in political 
uncertainly. 

Industrial and agricultural 
production are picking up but 
foe former, with an increase of 
24 per cent In the first half of 
this year, compared to con- 
sumption growth of over 5 per 
cent in the same period, cannot 
keep pace with feverish de- 
mand. 



PORTUGAL 

in your mind? 
lint's our business. 
We beamy welcome 
your enquiries at 


BANCO 

PORTUGUES 

DOAILANTICO 

OPORTO 

Praga D. Jodo I - Telex 23596 

LISBON 

Rua do Ouro, 1 10 - Telex 12695 




PARIS 

5/7, rue Aubcr - 75009 
Telex 220475 

MIAMI 

100, Chopin Plaza, Suite 1910 
Telex 215885 


LONDON 

77 Graoechurch Street - EC3V OBQ 
Telex 8956296 

CAYMAN ISLANDS 

Grand Cayman 
P.O. Box 1040 


NEW YORK 
2, Wall Street - N. Y. 10005 
Telex 428339 

MACAO 

Rua da Praia Grande, 12 

Telex 88374 


Other Branches in France: 

ANTONY • CRETEIL • SAINT DENIS • SARTROUVILLE • VERSAILLES • VILLIERS-SUR-MARNE 

Affiliated Bank: banco comercial de macau (Macao) 


Which brings ns to less-rosy 
news. Import demand not sur- 
prisingly, has soared, foelled by 
eager consumption and by dis- 
appearance of customs tariffs 
on a vast range of goods, in the 
wake of EC accession. 

By June imports had grown 43 
per cent in dollar terms, renew- 
ing pressure on the balance of 
payments thaat eased when ofl 
prices dropped and grain im- 
ports cooled thanks to better 
national crops. 

Encouragingly, proving that 
Portuguese industry is sot los- 
ing heart in the- feee of ever- 
stronger competition from E C 
manufa c t u rers, exports also 
grew in the first halfof 1887 - by 
37 per cent in dollar terms. 

Boosted by a spectacular rise 
in for eign investment - Es 41bn 
(5290m) in direct foreign pro- 
ductive investment sot counting 
real estate, was registered fay 
September, three times more 
than 1888 and almost half the 
entire foreign investment stock 
since records began - by sky- 
rocketing tourism earning* like- 
ly to be $2bn this year, by emi- 
grants’ remittances of more 
than fibn and by the confident 
return of several billion dollars 
that flew the country in revolu- 
tionary times or more recently 
went in search of profitable re- 
muneration abroad, this year's 
balance of payments on. the cur- 
rent account should hover mod- 
estlyintheblack. 

By 1988a modest deficit is ex- 


pected: manageable as long as 
Invisible . earnings remain buoy- 
. ant, exports- continue to per- 
form briskly, and strong invest- 
ment in - infrastructures and 
production starts to pay oft. . 

The economy is under new, 
confident management whose 
spirits are buoyed fay an un- 
precedented surge in foreign 
currency reserves of f2bn in 
August Now embarking on a 
long-range, plan destined to cor- 
rect endemic external deficits, 

■ foster Job creation and moder- 
nise production, the Cavaco Sil- 
va administration is paring the 
9MAn foreign debt preparing 
to make a 9700m early payment 
on this laim but now less-un- 
nerving obligation which . once 
equalled 80 per cent of GDP and 
now hovers at about 68 per 
cent The rising- price of gold 
and surge in foreign cturanqy 
reser v es have been a boon - 
gold plus currency reserves 
now cover almost fl4bn, leaving 
a net foreign debt of only 

fj HH wt .- . . 

The management’s worst 
problem - and- the country's 
greatest stumbling block to the 
rapid growth and heavy produc- 
tive investment .it needs, in in- 
frastructures, industry and agri- 
culture is the Behemoth that 
lurks In the shadows of the 
economy - a budget deficit that 
distorts overall financing 
needs, and an accumulated 
public debt whose servicing de- 
vours an undue proport i on of 


state resources. 


has grown from nothing to Eg 
3.28 trillion ($S3bn)in 1888: 
Gross National Product in 1886 
was Es 4J8 trillion ($291m). 

Servicing this voracious crea- 
ture keeps the state accounts in 
deficit: there has been enough 
rationalisation or containment 
of public investment and expen- 
diture in recent years- to pro- 
duce a balanced budget were it 

not for a giant debt that detours 
resources needed to bolster the 
fixture, not to service the errors 
of the past 

- Economic growth of more 
•titan 4per cent ayear since 1983 
has lightened . the relative 
weight of the deficit from a per- 
ilous 13 per cent of GDP In, 1982 
to 9 per cent in 198& This year it 
should be abont 7 par cent. 

: But this is still an excessive 
burden for a small country that 
needs to take-giant strides to 


. . The genesis or the debt was 
manrisboriented nationalisa- 
tion of 53 pea- cent of Portugal’s 
grow fixed capital formation in 
1978, without a thought for how 
the state’s new acq uisitions 
would be productively rather 
than politically managed. - 
-Continual civil service over- 
manning of a horde of new pub- 
lic depa rtmen ts, slack manage- 
ment of nationalised 
enterprise s characterised by 
nnspiind investment jn meg*ip- 


dustxial projects now being 
written off as white elephants, 

like the Sines petrochemical 
’ complex, and heavily-increased 
steel- production in declining 
International markets and lack 
I of the political will or technical 
means until after 198S to change 

- saddled administrations and 
' taxpayers with a financial bur- 
1 den- for which tbey must pay m 

the coming decades. 

:-The Cavaco Silva: adnunistm- 

. .tion intends to reduce the bur- 
den. through gradual prlvatlsa- 
" Hon. Money raised from sale of 

- part of tiie capital of a handfol 
of profitable nationalised con- 
cerns will be applied to reduc- 
ing the debts of other compa- 
nies. In turn these concerns, 

‘ once their finances are straight- 
ened out, will have part of their 

- capital put-on- the market. In 
time, state ow ne rship of indna- 
tiy will shrink. 

T Corporations like Marconi 
(part of whose capital is already 
lir the hands of the public), the 
tobacco monopoly Tabaqueira, 
.the two nationalised breweries, 
Centralcer and U nicer, the Ce- 
ment corporation Cimpor, the 
pulp manufacturers Portucel 
and the stronger nationalised 
banks Uke Banco Fortugnes do 
Atlanticq, will not be rushed on- 
to the stock market 
The Government Is taking its 
time and consulting market ex- 
perts: -it may test the water with 
the least difficult of candidates 
for Privatisation: Marconi, al- 
ready a market star. Sale of a 
sizeable chunk of the state’s 
holding in Marconi could raise 
. as much as Es lOOhn early next 
year -a neat windfall to pay off 
the debt of some less-fortunate 
.public corporation like Quimi- 
gaVSetenave or Siderurgla Na- 
cionaL 

Next year will be a watershed 
liy all accounts, when privatisa- 
tion becomes a reality not a 

MHi nalg n p wvmieo 

Behind this radical reform, 
others are needed. Him tbecon- 
version of a bureaucracy which 
in a land now consciously-dem- 
ocratic politically, occasionally 
throws its weight and red tape 
at private enterprise. Senior 
Imreaucrati are not above 

threatening b ualnMWBH With 

worse red tape if they air com- 
plaints to the media. 

. There have been encouraging 
improvements In areas Ufa* ap- 
proval of foreign investment, 
and Utile by little a genuine 
market force is emerging, how- 
ever, challenging the old rale 
that "Thou shalt do nothing un- 
til the central administration 
s iiiorises BT - Dt8M$fSffib 


INCREASING THE PROFITS 
BY OFFERING A DIFFERENCE. 

Profitability and responding to clients' needs 
are dur main objectives. 

On behalf of clients, methods are adjusted, 
new technologies are developed, and products are created. 

We compete with imagination and creativity 
in botfr national and foreign markets. 

rU Bzaa and S — da □ AgKjrtwntmb □ Chemicals. Industrial Gases. Nonfar- 
n«s and Predoua Mwah, ten Oxkte Pa te a . □ Piuoamad Plastic Product* Fi- 
ji !* 8 wrff taoeiMd Piuttota. Gtearffcre. Charted SpadaWes DOroanc 
“W* 1 ® 8 * EdWa ate,- Soaps and Glycerin — □ Products tor li- 
LJ Household Texfios. 


Av; Infants Santa, 2 - 1399 LfSQOA CODEX 






teSSSE SjrJ 


iPH 




Q 


OUIIHICHL 


WE KEEP ON CHANGING 
TO SERVE YOU BETTER 


I .-'K* -7/ 

L’vV 




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Market conditions begin to emerge 





aaesaS^*^ 


DIVERSE . FINANCIAL Instnt- 
men&! wne once u me as 
hsn&teefliinPortagaL 

Sahara could earn a bit on 
time^eposita. Banks could earn 
a bite on loans. Bmid. patient 
F anfare could . slowly earn, a 
penny dr two on dutes or save 
goyertmeirt paper on the coxsa- 
tose Stock Exchange. . 

AraLthatwas about the »i» of . 
it But-thereis no tlm* for som- 
nolence on today’s financial 
markets where all the Ki pmig 
aresetatgo. • 

A new generation of bankers, 
investors, traders, brokers and 
analysts snrrounded by high- 
tech toys, is flourishing in not 
quite a Big Bang but still a re-, 
sou n d ing sn a p , crackle and pop. 

.. 21 began with bond Issues ear* 
ly ttds decade, grabbed by insti- 
tutions and- general . public 
alike. By the mid-1980s the pace- 
quickened. ; New Portuguese 
and foreign ; banks entered the 
market The interbank money 
and foreign exchange markets 
were bora. 

And then, the Stock Ex- 

toS*aS ihSToff^ dSSS 0#Uo y fP>B »* of London (said South America) •atomkHmy aboaad a I 

of sleeping sickness. The gov- Market pages. Radio and T V ttonal investors, operated by 
en useat of the day granted tax stock market b ulletins are is- Lloyds Fund Management, ' 
incentives tosmall investors sned dally. virtue of their very size, alter 

and to companies deciding to go • Parallel markets, inevitable the shape of demand and polish 
public, ' - in a' country where getting the quality of paper on offer. 

Resto r ed confidence in Porta- around bureaucratic regula- Snares in companies with sol- 
gal’s capacity to right a battered tiona is as keen a. pastime as-fm- id prospects, good dividends for 
economy .and EC membership, bibing some of the least-known, new Pension Funds now befog 
spurred a new capital markets tastiest wines In Europe, have developed in Portugal have 
mood. Businesses turned from sprouted in cafes and restau- started to overtake the paper of 
expensive high interest loans - rants. less-well performing compa- 




fray (In Portugal 1 * banking sector) srttti 


now running at real rates of 9 
percent above inflation - to 
bowder share Issues or public 


round bureaucratic regula- Shores in companies with sol- 
ions is as keen a. pastime as -im- id prospects, good dividends for 
tibing some of the least-known, new Pension Funds now befog 
aatiest wines In Europe, hove developed in Portugal have 
profited in cafes and restau- started to overtake the paper of 
ants. less-well performing compa- 

There, deals are set np that nies. More solid, less manipula- 
y-pass brokers and the efforts five, duananH jg gradually 


e Stock Exchange Conunis- emerging. 


offers of saleas a cheaper way aion and the Government to tidy 


torame money. . 

Stock exchange trading began 


alent ofa few thousand 


up trading. 


Increasing demand for quali- 
ty has encouraged good medl- 


a equrv- 
dollars 


a day to flm fay mid-1888 to the trading under a 


Speculators make massive or- urn-sized private companies to 
ders to buy shares that on any make capital increases via the 
given day are not available for market instead of in private. 


regulation _ _ 

peaks of more than $22m a day prohibits trading If less than 20 sector companies, keynote of 
this month. per cent of quoted stock in a erv- the policy of the Cavaco Silva 


But privatisation of public 


this month. per cent of quoted stock in a giv- the policy of the Cavaco Silva 

In 1885/ the public had just en company is befog offered for government, will be the stron- 
over 20 stocks to choose from: sale. Even if a company’s stock gest tonic for the capital market 
todsiySS companies ore listed in is not traded that day, the prices within the next year -the time it 
Lisboa. Mora are queueing to is- are often forced up 10, 100, even will probably take to sort out 
aneubares. Punters who once 800 times par value. Come the the legal, accounting and bu- 
considerecr football pools. Lotto orders go sell and fortunes are reaucratic tangles of putting on 
poafo panblfog casinos or the made. to the market part of the capital 

brief reign of the now-jailed Z>o- Nowadays share prices, even of companies nationalised over- 

na Branca, the little old lady when they are not manipulated night without economic ratio- 
who-pald 10 per cent a month by. speculators descending on sue or doe process of law. In 


blfog casinos or the 
of the nowjailed Do- 


te the market part of 


na Branca, the little old lady when they are not manipulated 
who. paid 10 per cent a month by. speculators descending on 


iotanitto ’’investors* in apyra- 
mid* 1 scheme that crumbled honey, 
around; her and the investors nected 
three-years ago, aa grand ways mance. 
to M rieh quick now avidly That 
stnoy foe dally r Stock Market foreign 
fans' have i 


‘stock like a swarm of bees after 1975. 


k now avidly That will come; 
Stock Market foreign institntio 


honey, are not yet closely eon- Many of the companies’- for* 
nected to company petfor- mer owners have not'yet been 

folly compensated for seizure of 
wne; sophisticated their assets, and only now Is the 
rational investors share value of these assets- be- 


famt ' ; have moved in. Mega-invest- fog calculated in some cases. 

Ne w spa pers that once 1^ ments like the new $40m‘Portu- But work has begun discreetly 
nazed.me'Qnaneial aide of life ..gal Fond’, a dosed-ended fond with cooperation between pax- 
have raced lo introduce Stock available only to foreign instita- vate murkef-expertaand official 


bodies, on preparation for pri- 
vatisation next year. 

When.it happens,. supply will 
begin to catch up with frantic 
demand. So much of Portuguese 
enterprise was nationalised 12 
years ago either directly or In- 
directly that on its own, the 
small but energetic . private sec- 
tor would have trouble (tarnish- 
ing the market with sufficient 
stocks. 

The small but steady whirl- 
wind on the capital marke t s has 
imposed different demands on 
banks whether nationalised, 
private, Portuguese or foreign. 
They now need sophisticated 
staff - people who are market- 
oriented, knowledgeable about 
trading techniques and not 
hamstrung fay bureaucratic ri- 
gidity once characteristic of 
most Portuguese banking insti- 
tutions. 

Finding skilled market-mind- 
ed people has not been too easy 
in a country where less than 
five years ago a market of rapid- 
ly-changing instruments was 
sometungyou read about in the 
socialist press of other eoun- 
• fries, 

1 New university courses are 
churning out bright young 
thing * or both sexes keen to try 
their hand in Lisbon or Oporto 
share dealings, but. the imbal- 
ance between demand and sup- 
ply In this area is almost as dra- 
matic as on the market itself 

The price of human resources 



BANCO ESPIRITO SANTO 
E COMERCIAL DE LISBOA 


\ 





ll 


























A revival at last 


has begun to spiral as frantical- 
ly as the price of shares: sala- 
ries are now being offered to 
suitable candidates that would 
Jiave made a Portuguese compa- 
ny owner ill 

With competition building up 
at a rate that requires increas- 
ingly fast thinking Just to stay on 
the same spot let alone outdis- 
tance the rest of the field, na- 
tionalised banks are streamlin- 
ing and feeing tough facts - that 
protectionism must dwindle 
with the beginning of the end of 
protective EC transition peri- 
ods, that the Government will 
no longer bail them out or cover 
up for them when they run np 
heavy losses. Some nationalised 
banks have moved from loss to 
profit in the last two years. 
Those that were already profit- 
able haved improved further. 

New private Portuguese com- 
mercial or investment banks 
starting with smaller carefully- 
selected staff and heavy Invest- 
ment in technology, have justi- 
fied the fSith of the Northern 
businessmen who founded them 
a couple of years ago 

The new foreign banks, wield- 
ing long experience in world 
markets and not above flashes 
of temper when feeling thwart- 
ed by local conditions have 
made a big impact. The feet that 
Manufacturers Hanover plans 
to become a (tally-incorporated : 
Portuguese bank soon and to of- 
fer part of its capital on the 
Stock Exchange is a sign that 
the international banking com- 
munity wants a lasting; high- 
profile presence in Portugal. 

The two foreign banks al- 
ready established - Credit lyon- 
nais, which set np a Portuguese 
subsidiary 100 years ago, and 
the Bank of London and South 
America, in Portugal for 164 
years, which became Lloyds 
Bank Pic a few years ago - have 
raised their profiles and joined 
today’s competitive fray with 
visible relish. 

A form of market force has be- 
gun to emerge, albeit condi- 
tioned by the need to manage 
inflation and the huge financing 
requirements of the state, pub- 
lic sector losses and budget def- 
icits that distort the system and 
may go on doing so for some 
years. 

Even so. barring busts of bu- 
reaucratic intervention , Portu- 
gal has begun to look like a 
place where financiers can 
work up a good day’s sweat, jog- 
ging after business that did not 
exist not long ago. 

1 DtamSmltb 


IF THEBE is one area in which 
Portugal has clearly harvested 
less than Spain in the first two 
years of EC membership, it is 
the volume of foreign invest- 
ment But if the record is mod- 
est by comparison, it is begin- 
ning by Portugal’s own 

standards to look like a boom. 

Direct investment from 
abroad, whether from EC com- 
panies or from outside interests 
seeking a new foothold In the 
Community, has been favouring 

Spain in a ratio of about 10 to 1, 
out of proportion to the two 
countries' relative size. Last 
year, a rather dry one for Portu- 
gal’s incoming investment and a 
bumper one for Spain, it was 
more like 15 to L 

But the inflow into Portugal 
has since recovered strongly, al- 
ready reaching a record gSOOm 
this. -year and regaining the 
growth path it was on in 1985. 
This volume should also be 
seen in the context of past expe- 
rience. According to Dr Raquel 
Ferreira, who beads the Gov- 
ernment’s foreign investment 
institute, the stock of foreign in- 
vestment 'since the beginning 
of the universe up to EC entry* 
was little more tluu glbn. Since 
accession on January 1 last 
year, Portugal has increased 
that total by about halt 

Since but year, the country 
has been enjoying a remarkable 
investment revival, and foreign 
companies are not mitwing the 
party. Portugal’s corporate 
spending spree reflects an up- 
surge of confidence based on a 
combination of factors: an im- 
proved economic climate, lon- 
ger-term planning now that Por- 
tugal is securely inserted into 
the EC framework, new nmrlcpt 
opportunities, sharp increases 
in company profits, declining 
interest rates, and the arrival of 
an unexpected measure of po- 
litical stability. 

Overall investment in Portu- 
gal this year was ori ginally fore- 
cast to grow by 11 per cent, but 
the rate is now expected to be at 
least 14 per cent The Govern- 
ment's aim- ambitious ata time 
when It is trying to restrict its 
budget deficit and bring infla- 
tion down to EC levels - is to 
keep investment rising at twice 
the 4 per cent-e-year target 
growth rate for the economy as 
a whole, and it is counting on a 
solid foreign component. 

Direct foreign investment in 
the first nine mouths of this 
year totalled Es4L2 bn($290m) 
compared with only ES15.8 bn at 
the same stage last year. The 
most obvious change in the com- 
position of this total is the place 
taken by Spain. A year ago. 


Spanish investment was half 
Britain’s, but it is now about the 
same - Es9.19bn against UK in- 
vestment ofEs9.24bn in the Jan- 
uary-September period 

lire flow of investment from 
Spain is attributable to two 
main sources: on the one hand, 
multinational groups such as 
Saint-Gobain of France Invest- 
ing through their Spanish sub- 
sidiaries, and on the other 
Spanish companies worried by 
the potential competitiveness of 

the Portuguese Imports that can 
now enter their own market, 
and responding quickly in or- 
der to reduce the impact on 
their business. 

The UK and Spain - respec- 
tively, Portugal’s chief tradi- 
tional ally and chief traditional 
bugbear - dominate today's in- 
vestment picture. Projects in- 
volving UK companies such as 
Courtaulds, Tate and Lyle. Wig- 
gins Teape and RTZ have en- 
sured a continued high profile 
for Britain in the last few years. 
US investment in Portugal in 
the first nine months, at 
Es4-32bn. was less than half the 
British figure. 

Behind the US comes West 
Germany with Es338bn in the 
nine months, and France with 
Es2J9bn.' Japan, although its in- 
vestment has increased amd al- 
though industrial companies 
have made inquiries, lags well 
back. Dr Ferreira is hopeful 
that a Japanese tourism project 
in Sintra, the hill resort outside 
Lisbon, will help to motivate 
others. 

Most of the investment - more 
than two thirds so fer this year - 
comes from companies already 
installed in Porta gaL Their new 
projects have multiplied three- 
fold in value, accounting for 
most of the growth. Investment 
in new companies has doubled 
but remains relatively modest 
at Es7.1bn during the nine 
months. 

Acquisitions have increased 
more slowly, standing at EsSJ 
bn between January and Sep- 
tember. Although there has 
been considerable takeover ac- 
tivity In sectors such as food- 
stofik, Dr Ferreira does not see 
the same buying stampede as in 
Spain, where fresh capital and 
management techniques can be 
put to effect in many companies 
which are basically sound but 
have been accustomed to a 
highly-protected market Her 
doubts as to whether the same 
opportunities exist in Portugal 
are not shared, however, by Mrs 
Helen Gray de Castro at the fi- 
nancial services company Deca, 
which is developing a mergers 
and acquisitions business. She 


sees the obstacles not in any 
shortage of suitable target com- 
panies but in the difficulty of 
obtaining information and in 
the rigid labour roles which 
still prevail 

Tourism accounts for the lar- 
gest single slice of new invest- 
ment, but a large part also goes 
into traditional industrial sec- 
tors such as shoes and textiles. 
Typical is the recent decision 
by the British Clarks group to 
add a £3m new facility at Opor- 
to, doubling its workforce to 
1200 , in order Co produce shoe 
uppers and even bully complete 
shoes, farming work out to Por- 
tugal that would be too intricate 
to be done cost-effectively in 
the UK. 

Portuguese wages are expec- 
ted to remain for the foresee- 
able future below other EC 
countries. But competition from 
other regions such as South- 
East Asia means that the fixture 
of the traditional sectors will be 
pinned increasingly to quality 
and sophistication. 

However, the authorities are 
resisting the temptation to 'ori- 
ent* foreign investment. Dr Fer- 
reira says, except in the tourism 
and agricultural sectors. 

Red tape involved in channel- 
ling investment projects has 
been drastically cut back under 
a new code introduced last 
year. A proposal, once lodged, 
is now automatically approved 
if nothing is heard to the con- 
trary after two months, although 
authorisation is still required 
for large currency movements, 
as well as for property invest- 
ments. Purchases of stakes up to 
20 per cent and transfers of 
shares between EC investors 
need only to be registered. 

New incentives have mean- 
while been created for both for- 
eign and domestic investment, 
geared to job creation, exports, 
research and regional develop- 
ment Foreign companies can 
still opt for a ’’contractual re- 
gime* stating the objectives to 
be met and with incentives tai- 
lored to match. 

Foreign capital has access to 
all sectors that are open to Por- 
tuguese private capital, which 
exiudes some Industries - arms, 
oil refining, basic petrochemi- 
cals, iron and steel -and a lot of 
services - water, sewerage, tele- 
phones, regular air, rail and ur- 
ban bus services, ports and air- 
ports. 

While partial privatisation of 
some other state interests is ex- 
pected to start next year. Prime 
Minister Cavaco Silva has indi- 
cated that he wants to limit for- 
eign participation to ”10 per 
eenlorgo.* David White 








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incentive 


Small coontiyjbigopi^^ 

Hie Foreign Investment Institute provides interested parties witb information and support 

S!H Instktrto de faravestimenlo Esbangabo 
■fell Ui ulun investment institute 

Av.felJbsnMe.2S0-4thHw — 1200 IMMn- Portugal plume: S70S 07 -5*07 14 -TMk M712MPOHP 













7 




XV 


C PORTUGAL 4 ) 


Financial Times. Friday October 30 1987 


J^CLOCK OH the Lisbon exhi- 

BnassrK 

£***■ JSP®. North, the other 
Sonth. The south face is an hour 
«a.ataafrt 0 w. TheooiUlIace 

Northern businessmen will 
chum tty differing faces snm up 

They believe they are not only 
on tune but many moons ahead 
of Lisbon - that place to them, 
w “®*o politicians waste time on 
politics while the North gets on 
with the business of m a n ng 
Portugal tick punctually. 

Northern self-confidence 
(self-effacement is not a famous 
northern trait) faltered but did 
not die in the brief revolutio- 
nary storm when the far left 
tried to lay siege to northern 
companies and largely failed. 

Now, with national politics on 
automatic pilot thanks to a sta- 
ble centre-right majority, north- 
ern entrepreneurs have 
stuped whistling in the dark of 
political instability. 

U n a bas hedly they boast of 
rising sales and profits, invest- 
ment in new machinery, data 
processing equipment and vehi- 
cles, productivity gains and - 
the latest fashion - going public 
as downs of successful mna» to 
medium-sized companies North 


The prosperous North is ready for EC competition 

Land of the entrepreneurs 


and South have this year, bury- 
ing the legend that a Portuguese 
entrepreneur would die rather 
than open his capital, decisions, 
books and profits to outsiders. 

The North took to EC mem- 
bership with a no-nonsense en- 
ergy that foxed sufferers from 
the endemic if dwindling Portu- 
guese ailment/miserabilismo* - 
disbelief in national and indi- 
vidual ability to Improve living 
standards, run a successful 
company or make a quality 
product 

At times miserabillsts have 
been the majority. Not nowa- 
days. Like the Little Train that 
Could of the childrens' story, in-* 
dividuals and groups are chug- 
ging forward, refusing to be 
daunted. Life is rapidly benefit- 
ing from their determination. 

Industry is changi ng in the 
North. Overconcentration on 
textiles and clothing - launch- 
ing pads for northern private 
enterprise two decades ago - is 
easing. While textiles and gar- 
ments still account for over 40 
per cent of Portugal’s industrial 
product and despite EC compe- 
tition remain vital, increasing- 
ly-efficient and highly-compen- 
tive export earners, the urge to 
diversify is now visible even 
among people who made their 
name and money in cloth. 


M e c hanica l cutting, auto- 
mated giant looms, joint engl- 
peering, research and develop- 
ment projects between 
northern universities, burgeon- 
ing vocational training centres 
and polytechnics are changing 
the pace and skills of the textile 
industry and the face of Its 
heartland - the Minho areas of 
Braga, Guimaraes, Fafe, Santo 
Tirso and Famalicao. 

People often describe the 
North as ‘conservative’. In reli- 
gious terms it has more church- 
goers than the Sonth and its in- 
habitants - more thaw half of 
Portugal's entire population is 
concentrated north of the Mon- 
dego - has more small, rugged- 

ly-in divl d a alistic subsistence 
fanners with birth rates and 
families bigger than the south, 
whose ways in theory respond 
grudgingly to change. 

Yet it IS changing willingly 
and rapidly. A small but signifi- 
cant example of the transmogri- 
fication from a region where en- 
trepreneurs tended to focus on 
the same type of business, farm- 
ers on the same type of produce 
(a little corn, a few vines, a few 
potatos, some patches of kale) is 
a three-room flat in textile-rich 
Famalicao where no one enters 
without surgical gown, boots 
and cap: ft is in feet a thriving 


. ultra-sterile laboratory produc- 
ing PortagaTs first tost tube ba- 
by trees and plant*. 

Calle d In Vitro Plantas the 
enterprise, which reproduces 
pine, eucalpytus, fruit trees or 
ornamental plants in test tubes, 
creating strains that are stron- 
ger, more productive and less- 
vulnerable to blight and dis- 
ease,. is the brainchild of a tex- 
tile manufacturer Mr Jose Anto- 
nio Magalhaes, and is a 
small-scale high-tech success. 

Mr Magalhaes is now going in- 
to salmon, bred not in test tubes 
but In reservoirs now dotting 
the north as hydroelectric proj- 
ects and mini-dams become a 
matter or water course. 

While Mr Magalhaes breeds a 
better peach tree Minim grow- 
ers of the vines for Vtimho 
Verde, the young white wine in- 
creasingty-popuLar abroad and 
subject to a special EC treat- 
ment as a unique product, are 
drawing on official incentives 
to uproot second-rate vines and 
plant new ones that produce 
better vintages. 

Elsewhere^round Vila do 
Conde the booming footwear in- 
dustry that barely existed a de- 
cade ago despatches tens of mil - 
liions of pairs of shoes to the U 
S and Europe. Footwear was the 
first diversification away from 


textiles, now it is an established 
industry which, like textiles, is 
mechanising and improving 
productivity, having started as 
heavily-iabour intensive. 

Cork products, machinery, oil 
de ri v ati ves, pulp, vehicle com-' 
ponents, packaging, electrical 
and electronic equipment, 
products made around Oporto, 
in the pungently-smoky Aveiro 
or In Cacia, are leading to seri- 
ous air and water pollution. 
This is now a matter of negoti- 
ated improvement between, the 
Government and established In- 
dustries 

Dumping of chemicals into 
tiie river Ave has almost killed 
the river. But EC accession re- 
quires radical change in envi- 
ronmental protection methods. 1 
Gradually' established busL- 
neses must bring pollution con- 
trols up to EC standards and 
new factories must have tight 
regulations built in from the 
outset 

The change in the North is not 
just about industrial develop- 
ment: it e xt ends to radical infe 
provement in road and raiH fa- 
cilities, with a new railway 
bridge over the Douro, replac- 
ing the old somewhat creaking 
Eiffel-style masterpiece of old 
iron, as well goods transport 
and commuter rail systems doe 



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HOVTOWB MACAU 


MfHN 

HOTIONB eaJO) rax mncHEMnw rm 


Oporto, capital of fee North, and l 

for the Oporto area. : ' / 
Major improvements are un- 
derway to Oporto airport, the 
ports of Leixoes, Vlana do Cas- 
telo and Aveiro, and there are 
plans for small river ports <m 
the Douro- the river which Por- 
tugal shares with Spain - 
Change is about the end of 
physical, social, industrial, and 
commercial remoteness in the 
spectacularly-beautiful- 
north-east, as new highways 
connect once-isolated ■ towns 
and vilages, making it less cost- 
ly for local industry' and agri- 
business to develop and. send 


Agriculture 


Testing time ahead 


products to bigger nuw^tt out* 

side the area. 

_ Change is about the race for 
further education, by feme of 
thousands of young northerners 
who have access , now to new 
and 

first time In Portu- 
guese nismry, thanks to the in- 
troduction of new seats of learn- 
ing since the - lata 1070s. 
spe ci al i sed skills .such as man- 
. agement training techniques 
and engineering and agronomic 
qualifications are now . ava il - 
able in the provinces. - 
That is a powerful force for 
change hr the texture of Portu- 
gal's economy and social life: 
stress on skills and — 
of well-prepared ck* TO -, 
ed youngpeople is rapidly ««o- 
ingon old leaning towards mod- 
est clerical or labourers’ jobs. 

The change has been spotted 
abroad. Enterprising rtaH»w 


machinery manufacturers are 
bolstering Italy’s large trade 
surplus with Portugal, selling 
machinery to nort hern manu- 
facturers almost as fast as gelati 
cm a hot day in Rome. 

The streets and roads in the 
North are choked with new 
commercial vehicles whose im- 
ports rose by no less than 75 per 
cent in the first six months of 
1887. 

It Is just as well that a net- 
work of new highways is due to 
start functioning fn patches 
next year and may tn 199L 
Meanwhile, it is a brave driver 
who tries to find a parking place 
in central Oporto. - Best leave 
the car at home and take a taxi 
but rising living standards have 
sent residents of Oporto In 
search of green and black cabs 
where once they had to use 
their two feet 


Smith 




membkwship OF the Europe- 
an Community is forcing Portu- 
guese agriculture to undergo 
some of the most radical and 
fer- reaching reforms of any sec- 
tor of the country's economic 
and social life. 

Fanning in Portugal is 
overwhelmingly a traditional 
activity, dominated by smal- 
lholdings, many of them less 
than one acre, with inefficient 
and oudated production and 
marketing techniques. 

Crops are farmed according 
to tradition. Irrespective of 
market conditions or soil quali- 
ty. This IMMU that iMiw is 
produced on land unsuitable 
for maize and cork on’land un- 
suitable for cork, and so on,' 
says Mr J. Caldeira Guimaraes, 
a former economic adviser to 
exrPreaident Antonio Ramalho 

BflTIM 

Portugal has about 95(M)00 
formers, jnearly 30 per cent, of 
the active population, yet the 
sector contributes less than 10 
per cent of the country’s anniwl 
gross domestic product At the 
time of EC membership in Janu- 
ary 1988, the average productiv- 
ity of Portuguese fanners was 
one third that of the Community 
average. 

The Government by embark- 
ed on a for-reaching programme 
of form reform hinged princi- 
pally on rationalising and mod- 
ernising production, marketing 
and processing of agricultural 
goods, using a combination of 
state and EC fluids. The main 
aim of the programme is to gear 
Portuguese agriculture up to 
face ftill competition with its EC 
partners by 1892, when the 
country's transitional member- 
ship period ends, and to ensure 
fair and stable incomes for 


throe wcutoigon thetani .cultural cooperative have set 

“P a special fruit and vegetable 
•To rethmk redaction to err cooperative that buys m pr£ 
“* dnc ? at a Price that varies ac- 
te the quality. Tn this 
w hope gradually to im- 
■support on projects that ration- prove the quaUta.' says local 
afise, expand er convert tarns farmers’ leader atigueLGuena^ 
and ensure modernisation, and Tbeze has alsobeen a tidfito- 
diversification of sources of in- wards growing products not tra- 
e®™* 5 _ ditionally found in- the EC and 

iSS 2 SSafiSSUM 

ut & % M and vegetables, like kiwi fruit 

•To improve infras tructur es and avocado. Mora emphasis la 

'M* - *■“ j.MEywsiss 

^iJ^tsSL'ssASs 

“g t™!***' This conflict betweeoi the 

national marketing network or ment and an 

Uiat are involved in agro-forest- BSffibSlffiSSfdSKSS 

Fumml aid from tha Com - :?** *!!** * ! **•** >- 
munity’s agriculture and re- ’ tSJS’theCaSS^SUva 
gjor l development fend s fa EJJLr?"?* 0 *“*“ 

meriting this programme. In the 

first three months of this year, CtnriMHMfaam 

investment projects worth Es £ 




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.34bn C$23 m) were a pproved fay 
Brussels under the European 
Agricultural Guarantee and 
Guidance Fund (EAGGFX large- 
ly for forestry, olive groves, irri- 
gation, rural roads and electric- 
ity supplies to rural areas. A 
farther Es 5bn was approved for 
new farm installations. 

By the end of June, UsOOO 
project applications worth a to- 
tal of Es 62.71m had been sub- 
mitted for approval. The north- 
ern regions of Entra Douro and 
Minho led in new projects, fol- 
lowed by the Alenfojo, Ribatejo 
and TTas-os-Montea. Most new 
investment was being sought to 
buy machinery and livestock, 
develop vineyards, and for !■»»«« 
management schemes, with in- 
dividual farmers or coopera- 
tives needing to put up enough 
capital to cover 50 per cent of 
the investment 
Overall, investment in agri- 
culture in 1888, the first year of j 
EC membership was Es 422m 
0395m) five times the level of, 
the year before. 

Portugal produces a wide 
range of fruit, particularly ap- 
ple*, pears, peaches, plums and 
citrus fruits, vegetables, olives, 
wine, dairy products, corn and 
other cereals and cortProduc-. 
tion has been sharply up so fon 
this year over the average of the 
last ten years. 

Wheat output at S3S.OOOI 
tonnes is 49 per cent 

barley and oats at , 

tonnes is over 60 per cent 
and overall fruit and vegeta 
production Is up lfiper cent 
Improving production is only, 
part of the picture. RatumalfaJ 
leg the often chaotic marketing] 
and processing of food produetd 
is equally important The agri- 
business sector plans to invest 
Es 1001m (9650m) over the next 
five years, with half of that totall 
rating from the EG. 

The cooperative movement] 
ami farm credit banks are woik-] 
ing with a new Institute set up] 
to support improvements in 
food marketing and processing. 
One of the main challenges Is tol 
bring the quality of products up 
to EC standard. 

Twelve areas have been des- 
ignated for marches d’origine 
and the first of these, in the cen- 
tral region around the town of 
Alcobaca, Is expected to be 
tectioniug by the end of the 
year. Members of the local agri- 



STEVEDORES 

TERMINAL OPERATORS 


AT LEIXOES 

SOCARPOR (DOlJRO/LEIXOES) La 

Rna Monzmho de Albuquerque, 13 
' 4450 Ma&osmhos 
Telephone: 935061/5 Trier 27520/1 


AT LISBON 

SOCARPOR (LISBOA) La 

Topo Oeste — Doca de Alcantara 
1300 Lisboa 

Telephone: 472145/6 Trier 15841 


AT AVEIRO 

SOCARPOR (AVEIRO) La 

Cafe Comcrcaal — Apartado 393 
380? AVEIRO 

Telephone: 29702/70 Trier 37539 


7 



*3 


TABAOUEiR/7 


0 






£v« 


* 




PORTUGAL 5 


Alcobaca 










In the EC frontline 


ONE OF THE more endearing 
characters in Portuguese histo- 
ry Is La Padeira (the baker 
woman) of Aljnberrota, who, 
legend has it, single-handedly 
saved the town from a dawn 
raid by Don Joan r» invading 
Castillians with the aid of her 
overprized bread paddles. 

Less fblklorie historians 
claim that the Battle of Aljubsr- 
rota in 1385 was won for Portu- 
gal by Kn giiah arcben but t he 
locals not snprishigly cleave to 
the image or the plucky -take- 
teas swatting away the Spanish 
hordes like so many flies. What- 
ever the troth, the battle turned 

the tide and the him— 

turned tail. 

AljabeiTota has dined out 
through the ages on its brief mo- 
ment in the frontline against 
Spanish incursion. The town 
lies in the district of Alcobaca 
among the rich wooded hills of 
northern EUnnadma, about 
150km from Lisbon, Local busi- 
nessmen and politicians in Al- 
cobaca give the impression that 
the area is still in a way a fron- 
tline, if not against Spanish in- 
cursion, then at least tax Portu- 
gal's efforts to establish itself as 
a viable member of the Europe- 
an Community. 

Alcobaca is a wealthy region, 
where agriculture and small in- 
dustry coexist and thrive to- 
gether. Its original wealth came 
from agriculture and stemmed 
as much from the Cistercian Gir- 
der, which built the Imposing 
monastery of Santa Maria In the* 
town of Alcobaca in 1178 and 
whose monk* first cultivated 
Hi* surrounding i»id l ss from 
the richness of the soiLThe con- 
cehlo or district of Alcobaca 
covers just ov er 400 square kms 
and 60,000 inhabitants. 

The active population is now 
divided equally between 

agriculture and small Industry, 
ludodlrg porcelain, 

glass, leather goods, brick* and 
>n«t_ cement, textiles tour- 

Um 

This relatively small region is 
one of the country's foremost 
producers of fruit and vegeta- 
bles. yielding over 100,000 
tonnes a year and accounting 
fin: 15 per cent of the total na- 
tional production of apples, 
pears end peaches. It Is also a 
major wine producing area, 
boasting its own label as a re- 
gi«o dexnaxcada. 

The local authorities have 
been quick to latch on to the po- 
tential benefit s of EC member- 
ship in promoting the local 
ffftnnmy m»H gearing up its In- 
dustry and agriculture to com- 


development fluids and projects 
costing a Anther Ecu 370m were 
approved. 

This year, applications for 
projects worth Ecu 142m are 


ndals have already drawn up 
plans for projects costing Ecu 
350m for 1988. 

Most of the EC resources have 
been spent on Improvements to 
water supply, sewerage and 
roads. In addition, the Europe- 
an Community is co-flmding a 
new Ei 180m project to bring 
the quality of local agricultural 
produce up to EC standards fay 
the end of Portugal's transition- 
al period in 1S0L 

Alcobaca has been desig- 
nated a “march* (forigini for fruit 
and vegetables by Brussels. The 
local agricultural cooperative is 
c ur re n t l y wetting up MarcoAIco- 
baea, a fruit and vegetable 
cooperative that will buy in pro- 
duce from members, at prices 
that vary according to quality. 
The aim is to use the price as a 
mechanism for gradually im- 
proving quality. 

Mr HBgnel Guerra, president 
of the 18^00-member agricul- 
tural cooperative, stresses this 
need to improve quality and 
yields as the hoy to survival in 
the fiercely competitive Euro- 
pean market. His theme is ech- 
oed by local businessmen. 

Mr Joao Jordan, chairman of 
Pereiras, part of the Elias fc 
Palva ceramics group, does not 
foresee new markets dramati- 
cally opening up in EC coun- 
tries. The group has an annual 
turnover of Es 800m and about 


pete on the 
Last year, tl 


Last year, the region r ec e ived 
Ecu 70m from the Brussels agri- 
cultural su pp or t regional 


90 per cent of its output Is ex- 
ported, mostly to EC countries 
and Scandinavia. But cheap im- 
ports from Third World coun- 
tries, particularly Taiwan, 
South Korea, Hong Kong and 
China are now threatening to 
make inroads into the group's 
traditional markets. 

To combat this the group 
plans to consolidate and con- 
centrate on improving the qual- 
ity of its finished products and 
of their design to broaden their 
appeal. Dr Ze Oliva Monteiro, 
chairman of the Spal porcelain 
company, shares the concern 
about low cost competitors. 
About 50 per cent of the compa- 
ny's Es LSbn wnnnwt sales are 
exp orts, mostly to Scandinavia 
and the US, but also to EC conn- 
tries. 

"We are well-established in 
our markets, but I do not see 
many prospects for new oppor- 
tunities," Dr Oliva Monteiro 
said. "Our export policy is to of- 
fer different products that can- 
not be compared with the com- 
petition; products that people 
are not used to seeing in porce- 


lain." This involves Innovative 
designs and Spal is turning to 
US, British and French design- 
ers. 

Most local businessmen re- 
gard the balance of EC member- 
ship as positive, at least in the 
long run, and as the sole avenne 
for modernisation of the coun- 
try’s ind u stry. But Mr Antonio 
Neves Baposo de Magalhaes, 
of Crisal, wh i c h man - 
n&ctnres handmade lead crys- 
tal's m. vehement opponent of 
the EC. It brings no advantage 
to the Portuguese people," he 
says. 

Portugal's rigid labour laws, 
which make it extremely diffi- 
cult to lay off workers without 
prohibitively expensive . com- 
pensation, restrict companies* 
rationalisation efforts. Foreign 
companies setting up in Portu- 
gal are not bound by these rales 
and enjoy an obvious competi- 
tive advantage, Mr de Magal- 
haessaid. 

EC competitors enjoy cheaper 
electricity, gas, and raw materi- 
als and while conceding that 
Portugal's labour costs are low- 
er, Mr de Magalhaes says that 
this Is more than olfket by much 
lower Portuguese productivity 
"between SO and 30 per cent of 
that in other EC countries. We 
cannot compete," he says. "They 
(EC competitors) can destroy us 
any time they want" 

A constant theme among local 


businessmen is the need to con- 
solidate and to diversity. It is 
the wide range of industrial snd 
agricultural activi ties tint has 
cushioned Alcobaca from the 
worst of the frequent economic 
crises and political upheavals 
that have dogged Portugal's 
young democracy. 

After a brief flirtation with 
communist government in the 
immediate wake of the 1974 rev- 
olution, Alcobaca has settled 
into a stable and lasting rela- 
tionship with social damocra- 
cy.The Social Democrat mayor, 
Mr Joaquim Rui Coehlo, com- 
fortably into his second term, 
advocates a policy of caution* 
growth. 

"We must continue to grow, 
but it must be controlled devel- 
opment. We want to attract in- 
vestment but we do not went to 
become a dustbin." He wants to 
avoid the type of rapid, care- 
lessly planned, often illegal, de- 
velopment that has irreversibly 
scarred parts of the Algarve and 
the North in particular. 

But at least one local busi- 
nessmen is seething of this con- 
servative approach: The town 
hall blocks everything. They 
make it very complicated for 
would-be investors; they dis- 
courage i n ves tm ent Alcobaca 
is like an egg that does not want 
to hatch." 

Charles Hodfaon 


A NEW LOOK FOR TOMORROW 

Innovation — Development 
International Interchange 

• Joint — Ventures — Consortia 

• Technology Transfer 

• Establishment of New Firms 

• Introduction of New Fabrics 

• Conception and undertaking of industrial and 
agricultural projects 

• Projects “ key-in-tbe-hand ** 

• Support to the F inancing Operations 

Replies should be sent to the following address (head 
offtoe): 

DEG— Sodedade de Desenvohrimenta e GestSo Agro- 
Industrial, Lda 

Av. Fontes Pereira de Mela, 35-19" B 
1000 Ushoa, PORTUGAL. 

Telefc 548177549739/523034. 

Telex: 62307 DEG P. 




ahead of the future 


SINCE 1790. 




WR 


We exist to ensure today, tomorrow’s needs of energy in PortugaL. 

We have 54 hydroelectrical and 7 thermal power plants underoperation. 
But we have to go further on. Under construction wa have by now 
6 hydro otoct rical power plants plus 1 thermal power plant And new 
ones are under project Five interconnections, one of them at 

\ 400 kV, between the electrical grids of Portugal and Spain, led our 
Country to be closer to the international Community. 

We have invested about 3800 millions US dollars for the last 5 
years. Our forecasts, cover an Investment of over 2300 
millions US dollars within the next 3 years. 

We are a state-owned enterprise to offer the best service 
v to Portugal and to the Portuguese People. 




BoctricktedodoFortoijW 














f 


Electricidade de Portugal EDP/Empresa Publica 












VI 


Financial Times Friday October 30 1987 


PORTUGAL 6 


After 21 months of minority government, a crossover of political frontiers presents fiew opportunities 

Enter a brave new factor: public confidence 


? ?i \ 


TOE . ODDS AGAINST anyone 
win n i n g an overall majority in a 
country with fire pa rliamentar y 
parties and the Hondt system of 
proportional representation 
seem so loaded as to be " nbw tt- 
able. 

Portugal’s odds seemed all 
the more unsurmoun table be- 
cause of the relative weight of a 
Communist Party, that held be* 
tween 11 and 20 per cent of the 
electorate after its le galisati on 
in 1374. with the Social Demo- 
crate, Socialists, Democratic 
Renewal Party, and Christian 
Democrats battling for the trun- 
cated middle ground only a vi- 
sionary or high-risk gambler 
would have dared predict that 
this July Professor Anibal Cava- 
co Silva would lead his Social 
Democrats not only to 8 majori- 
ty but to a landslide that gave 
them 51 per cent of the vote and 
146 seats in Parliament 

The deed was done thanks to 
mass crossover of party fron- 
tiers - Christian Democrats, So- 
cialists and (hush, hush, whis- 


per who dares) even 
Communists in ^libnt areas 
across the Tagus from Lisbon 
decided to end 13 years of chop 
and change governments and to 
begin an era where administra- 
tions could complete their 
four-year mandate. 

In 21 months of minority gov- 
ernment between October 1985 
and this July, Hr Cavaco Silva 
worked up a good track record 
of economic growth, dropping 
inflation and rising buying pow- 
er. He had considerable help 
from an international <•) »*»«»«> of 
cheap oil, cheap dollar and 
buoyant export demand, plus an 
economic discipline left behind 
by the previous coalition whose 
fierce austerity had hauled Por- 
tugal back from an abyss to 
which 1970412 frantic private 
consumption and public over- 
spending had led it But his 
Cabinet added a new factor, 
self-confidence which gradually 
translated into public confi- 
dence in their ability to move 
Portugal forward on the road to 


development and higher living 
standards as European Commu- 
nity members. 

Now Prof Cavaco Silva and a 
♦Mm of young ministers and 
secretaries of state are priming 
their weapons for fhll-scale at- 
tack on Portugal’s ancient ene- 
mies: underdevelopment, trn- 
deremployment, 
underproductivity in agricul- 
ture and industry, underhous- 
ing, under-capitalisation of 
businesses, nnd ex-staffing in the 
health and education services, 
underpayment of taxes in a na- 
tion with an obstinately-thriv- 
ing black economy, and ove-bnr- 
eaucratisation. 

In Parliament no one can stop 
them: motions of censure that 
once made Portuguese govern- 
ments tremble for their survival 
can be lodged once a week if the 
opposition parties so desire: . 
numerically they cannot 
pass. The opposition can try to 
drive up the temperature of de- 
bate by every means at its dis- 
posal, the result will still be 


parliamentary rubber-stamping 
of government Bills. 

Preparations are being made 
for reforms in the 1976 Constitu- 
tion that will deaociaUse the 
economic content of the na- 
tion's fundamental legislation, 
and 1988 will be the year of the 
Great Constitutional Debate. \ 

Change* in the Constitution 
require a two thirds Parliamen- 
tary majority- a luxury that the 
July elections did not grant Prof, 
Cavaco Silva. His party must 

therefore negotiate delicately 
with Socialists led by Dr Vitor 
Co&stancio, Christian Demo- 
crats led by Prof Adriano Mbr- 
eirft, and the Democratic Re- 
newal Party not visibly led, 

since their bead, ex-President 
of the Republic Bamalbo Eases 
suspended himself from the po- 
sition after his party's humiliat- 
ing tout in July. 

+ The Social Democrats will 
have considerable coo p eration 
in amendments that delete ex- 
pressions like "Portugal is on 
the road to Socialism,' and *lr- 


The reliability, responsiveness and capability 
of over 125 years’ experience. 


reversibilily of nationalisa- 
tions,' from Socialists and 
Christian Democrats - enough to 
overcome Communist, or Demo- 
cratic Renewal obstacles to re- 
moving marxist strictures from 
the Constitution. 

In 1S87-88, nationalisation 
and its staggering cost in budget 
deficits,' accumulated public 

debt, unproductive investment 

and lack. -of competitiveness, 
have fallen .{tom toe brief .fa- 

Most democratic politicians, 
whatever their party, have little 
nostalgia for the era when pri- 
vate enterprise was barely tol- 
erated and public enterprise 
translated into hegemony. The 
mood, outside the Communist 
party and the Democratic Re- 
newal party which Is chronical- 
ly unclear about where it stands 
on major issues, is one of will- 
ingness to undo past 

The problem for the Opposi- 
tion is to maintain status in the 
'face of the Cavaco Silva steam- 
roller effect. The last Cavaco 
SQva government was often 
i h»ug hty. especially ministers in 
! the economic area, towards Par- 
liament A minority govern- 
ment, it behaved as if it had an 


overwhelming majority. Now 
that it has -that majority. It may 
be gracious in victory r or find it - 
hard to resist brash self-satis- 
faction that soured its relations 
with other parties in 1985-87. - 
. The opposition is.net having 
an - easy time among its own . 
ranks, let alone trying toutake a 
constr u c tiv e name Jfor, itself in 
the new.' majority climate. The . 
Socialists smarted' ftum- thmr 
July deteat showing -of -23 per 
cent; some directly blame thi* 
loss on Dr Vitor Constancio, 
who replaced -the-' charismatuv 
avunealar Mario Soares, oors 
sunny President of the Repub- 
lic and above- party politics, 
with a cautious, quiet style of 


He needs to spend as much 
time consolidating his leader- 
ship as he does asserting the So- 
cialists’ role oflaxge minority lit 
Parliament. 

The Christian Democrat lead- 
er Prof Adriano Bforeira is no 
better offi In his case not a mi- 
nority but a vociferous tidal 1 
wave in the party blames him 
for a dismal Christia n De m ocr a t 
performance at the polls leav- 
ing them with a Astral of seats 
where they once held the bal- 
ance of power. HoWlong the for- 
mer minister in toe Salazar dib- 


tstorshxp " can hold an to hie 
party’s reins seems a matter Of 
time: -a -movement is afoot to 
woo-back the former Christian 
Democrat leader Prof Diogo 
Freitas do Amaral who severed 
his, party ties, in order to run for 
President of .the Republic in 
.lfleeagainsthUrio Soares. 

; "There is a natural Christian^ 
Dexuoctatapace in Portugal jost 
as toere/is a natural Socialist 
space though both are smaller 
man. they: once were In July 
there .-were desertions from 
theirxanks'into thd. Cavaco Sil- 
va camp for pragmatic r easons : 
much, heated wooing will be 
done until 1991 when fhe next 
general election is due. 

The Communist party has 
ahnmktoe. Its leader Dr Alvaro 
Cunbal is in his mld-70s and 
now admitting that one day he 
Intends' to retire. The partes 
language and threats - of insta- 
bility should its sacred cows - 
nationalisation and collectivist 
agrarian reform be touched - 
appeal to a smaller public now- 
adays. living standards slowly 
rise and the natural communist 
clientele - the rural and urban 
poor, the elderly whose pen- 
sions once barely kept them 
alive, the unskilled and the b&d- 
ly-boused, or the exploited la- 


bourer - have begun to believe 
that governments like the Cava- 
co Silva administration will do 
more In practical terms for 

iht»m Marxist-Leninist doc- 
trine. ■ 

The ybqwg * In Portugal s eco- 
nomic circumstances in recent 
years- and : the driving force of 
EC membership, .are dictating 
■ olmngpg jjn. polities. The Vavaco 
"Silva phenomenon - massive en- 
‘ dorsement " for hard-headed 
young technocrats untried on 
the '" tOTfPffl 1 * 1 front but 

fl ercdy-amblti ous at home and 

much exercised with the ques- 
tion of competence -is evidence 
of this change. 

As Portugal settles into Eu- 
rope, learning to function in a 
wider universe without con- 
stantly feeling the need as it 
now often does, to proclaim how 

capable its leaden are and bow 
cleverly it defends Its interests 

a hybrid of muscular technocrat 

and subtler politician may 
emerge able to adapt to the EC 
foil membership moment after 
' 1992 when protective layers are 
peeled away and Portugal must 
stand on the European merits it 
develops between now and 
then. 

Dima Smith 


Former overseas possessions 


HEAD OFFICE 
Rua do Comdrcio, 132 
Phones: 873101/874081 


1 106 Usboa Codex PORTUGAL 
Telex: 13716 FODR1N P 




Towards a new relationship 


NEW YORK AGENCY 

520 Madison Avenue, 26th floor New York, N.Y. 10022, U.SLA. 
Phone: (212) 5934)808 Telex: 6801047 BFBNY UW 

MACAO BRANCH 

Rua da Praia Grande, 57. 22nd floor Macao 

Phone: 550253/6 Telex: 88587 BFB MC 




BANCO FONSECAS & BTJRNAY 

1861 • 1987 



supercorte 

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h.t.ir Mull.:, ( MAR/!/. 


THE BANNERS welcoming the 
visiting President were the kind 
of thing usually seen in Africa. 
But in tills case it was the visi- 
tor who was African, and the 
hosts the former imperial powd- 
er. Twelve years after its richest 
colony became independent. 
Partial was receiving an Ango- 
lan head of state for the first 

Kmp 

The poorest of the European 
colonial powers, and the lot to 
relinquish its hold over a sub- 
stantial overseas empire, Portu- 
gal is still feeling its way to- 
wards a new relationship with 
its former possessions. 

Decolonisation in Portuguese 
Africa, when it came, took place 
toOMbigruAtol974andl97S, 
after a three-fronted war which 
lasted longer than aqr other 
modern colonial conflict, 
drained the country materially 
and emotionally, and played a 
major part in provoking the 
overthrow of Portugal’s own 
dictatorial regime. 

In the wake of that turmoil, 
the country had not only to 
r* ah » room for 700,000 ‘retoma- 
dos* from overseas - with a fur- 
ther Influx still expected from 
Macao - but also to adapt to the 
sudden ■hrinWtij of a 
identity that stretched "from the 
Minho (in northern Portugal) to 
Timor (north of Australia).' 

The so-called overseas prov- 
inces ruled by Lisbon up to 1974 
comprised seven territories, 
five of which were in West and 
East Africa: Angola, Mozambi- 
que, Guinea-Bissau, the Cape 
Verde and the inland g 

of Sao Tome and Principe off 
Gabon. In Asia, where the Por- 
tuguese presence was reduced 
fay the loss of Goa In 1961, there 
remained two loose ends - the 
eastern half of Timor island and 
Macaoi The independence pro- 
cess in east Timor was cut short 
when Indonesia, fearfol of a 
kind of Cuba on its doorstep, in- 
vaded it in late 1975. Macao, 
where China did not want a sim- 
ple Portuguese pullout, re- 
mained under Portuguese ad- 
ministration. 

The question of these Asian 
territories’ future looms less 
large among national concerns 
than the revival of ties with Af- 
rica. In the smaller former Afri- 
can possessions, co-operation 
has thrived, but in Mozambique 
and particularly Angola the 
process has proved much trick- 
ier. 

The recent visit of Angola's 
President Jose Eduardo doe 
Santos as part of a European 
tour raised a few bristles - the 
Unita rebel movement, which to 
Luanda's irritation has main- 
tained an information office in 
Lisbon, continues to enjoy some 
influence in the Portuguese 
capital - but served to underline 
the key place Southern Africa 
holds in Portugal’s search for 
an international role. 

In the new Cavaco Silva ad- 
ministration’s programme, co- 
operation with Poxtugoese- 
n walriTig countries, "taking into 
account Portugal’s special re- 
sponsibilities with regard to Af- 
rica,” comes high on the list of 
foreign policy priorities after 
relations with the European 
Community and Nato. 

Portugal regards its diplomat- 
ic role in Angola as something 
less than a mediator, but more 
than a mere messenger, be- 
tween Luanda and Washington. 

Western diplomats say that with 
the latest signs of Angola's de- 
sire to move, like Mozambique, 
out of eastern bloc isolation, to 
develop a- more market-orient- 
ed economy and possibly to re- 
duce Its military reliance on Cu- 
ba, Portugal has more chance 
actually to play the role. 

They regard President dos 
Santos’s visit to Lisbon as 
reflecting an angolan initiative 
rather than a Portuguese one. 

: The visit was followed - pre- 
sumably not a complete coinci- 
dence - by the arrival of Mr Pik 
Botha, Foreign Minister of 
South Africa (a country with a 
large Portuguese population), to 
a distinctly cool reception. 
Among other Issues, Lisbon 
blames Pretoria for the the pa- 
ralysis of electricity supplies 



The vbft of President dos 


from Mbzambsqne'sCaboraBas- 

no i^bwi |>y ftp Banainn piiMTilTi 

organisation, which has left 
‘ Portugal carrying alteavy finan- 
cial burden. 

Although Portuguese inter- 
ests remain deeply, involved in 
the fonnw 1 terfftoritts^trsde 
since independence has hardly 
flourished. Before 1974, Angola, 
and Mozambique took about, a 
quarter of Portugal's exports.. 
The combined figure then 
plummeted to less *^ u>n three 
per cent In the other- direction, 
Angola, from se n di n g 37 per 
emit of its exports to Portugal, 
sent less than ! per cent. 

In Mozambique’s case Porto 
gal took 41 .per cent of exports 
before the revolution, falling af- 
terwards to 7 per emit Last 
year, with Portugal’s entry into 
the EC, the share of Portuguese 
exports going to the "new Porto 
peaking countries' was 

to 2 per cent, and their 

slice of the Portuguese market 
narrowed to less than 1 


cent In the first half of 


year, Portugal’s exports 
former African territories were 
again down - to just over Es 
lObn - and its imports from them 
tumbled 75 per cent to Es L6bn. 

Commercial ties with Angola, 
which accounts for more than 


half these figures, have recently 
been strengthened, howeven 
with agreement on a phased 
$150m credit line from Portugal 
and on supplies of Angolan 
crude oil A trade pact was in 
.force as long ago asl97S r but fi- 
nance has been a permanent* 
obstacle. 

As already happened before 
independence, Portuguese com- 
panies face strong -competition 
in Angola. The French, with 
.their formidable "petrepollti- 
cal-militexy-industrial” ma- 
chine, have been digging* fbem- 
selves in, both they and the 
An golans being clearly interest- 
ed in the increased involvement 
of FTOhch oil companies. 

Spain, which President dos 
Santos visited three years be- 
fore he set foot in Portugal, has* 
also been developing its inter- 
- ests, as has Brazil, and Angola 
has also been talking, with Bel- 
gium's Societe Generate on get- 
, ting ftie Beagnela railway back . 

into sifepa: 

’ The Cavaco Silva administra- 

search for a happy sequel to 


empire also inevitably stumbles 
on the East Timor issue. 

The new Government's pro- 
gramme seemed to make a sig- 
nificant departure from the po- 
sition set out in Portugal's 1978 
constitution, which committed 
the country "to promote and 
guarantee East Timor’s right to 
independence.” Instead, in an 
apparent overture to Indonesia, 
the programme called simply 
for 'an honourable solution to 
the Timor question, guarantee- 
ing respect for the cultural and 
religious identity of the Timo- 
rese people.' Diplomats now be- 
lieve, however, that this may 
have been no more than a trial 
balloon aimed at testing opin- 
ion. 

In Macao, a transition accord 
was finally agreed in March, 
providing for the territory to re- 
vert to Chinese control in De- 
cember, 1999, two years after 
Hong Song, with a SO-year guar- 
antee similar to Hong Kong's for 
the cotatinuation ofthe current 
business system. Portuguese 
since 1567, it will be the last bit 
of overseas power to go. 

David White 


I 



VALE DO LOBO 
ALGARVE 

Superb luxury villas and apartments close to Roger 
Taylor Tennis Centre, 27 hole championship 
golf course and new sports Complex. 

■ - - One bed apartments from £45,090 
Twe bed apartments firm £69,606 
’ Three bed villas from, £98£M 
for details of these and other properties on 
Vale do Lobo telephone: 

8asdy Segal 81-492 9998 
Sturgis International, 

149 Park Lane, Leaden WIT 4DN 



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atching up with the EC 


THIRTEEN TEAKS ago revoiu- 

Hnn mubiul tk& _ 


. Gaevera T-shirts were all the 
nues, political uncertainty ruled 
and most people’s money went 
no farther than the inside of 
their mattresses. 

. Those. days are over. Today’s 
.teenagers hanker alter Benet- 
ton colours or Swatch watches. 
Their parents are oot on an un~ 
proceed en ted shopping spree. 

_ In. Lisbon, people light for a 
spot on a tiny parking lot. and 
squeeze their waythrongh bad- 
ly-marked aisles to shop at the 
newest fed - Continents, the Lis- 
bon area showpiece of Portu- 
gal’s first hypermarket group, 
born • in the . increasingly 
well-heeled North. 

•Prices are much lower here, 

. so you can buy much more,* said 
one. shopper pushing an over- 
flowing trolley. 

Conlinente sits on a major 
suburban crossroads, difficult 
to get to but attractive enough 
far .two rival groups to set up 
shop In the same area 
. - I^artlierinore, upmarket, ex- 
clusive shopping areas in Great- 
er^bfsbon and the North have 
alio' sprang up. offering Portu- 
gal^ burgeoning image-con- 
seknu yuppies everything from 
designer clothes to Belgium’s 
Godjva chocolates. 

. Foreign . and some national 
comj^tnies have been -quick to 
cafer. to fast-growing consumer 
Mapga which, buoyed by in- 
creased confidence in the econ- 
o^ind 19 per cent growth in 
resiwages this year, has pushed 
private consumption up by 5 per 
'cent^ * ' 

v j^HnuuMi In major urban 
tpMlwt-iiM lines of fhi- 


letries,- yoghurt, biscuits, soft ter accession to the EC brought Es 13.4hn. The two state-owned. 


tablished consumer product 
companies diversity their »"»« 
in a bid to reinforce their hold 
. on the national market and 
pre-empt potential invaders - 
. .companies from neighbouring 
Spain or Spanish-based multi- 
nationals. 

Giants like Nestle and Pepsi- 
Co have invested heavily in Pop. 
tugal, where per capita con- 
sumption of chocolate and soft 
drinks remains one of the low- 
est in Europe and promises the 
strongest growth poten tial 
.Nestle, trying to beat off out- 
side competition in the choco- 
late drink, coffee and frozen 
food markets has been buying 
up prestigious national roast- 
ers. It recently used Portugal 
tor an international launch of 
its Ido brand; and has ad de d 
new products to its Findus fro- 
zen, food line. - 

Not to be outdone, Unilever’s 
Portuguese subsidiary Lever 
Portugnesa, the country's lead- 
ing advertiser last year with 
spending of Es 887m ($4fon) has 
taken over much -of greater Lis- 
bon’s. outdoor advertising space 
to promote its Iglo frozen foods. 

Market - analysts attribute 
spectacular growth of frozen 
food sales in a land where most 
families expect homecooked 
meals to recent p-hflnw»« in 
people’s lifestyle. 

"Many urban dwellers today 
want convenience foods.: More 
married women work and don’t 
have time to cook. More men 
who know little about cooking 
are doing the family shopping,* 
explained one analyst. 

- The drop in import feriffa af- 




names on the shelf and have 
helped push this kind of con- 
sumption. 

Banking on an Europeanisa- 
tion of Portuguese palates and 
growing purchasing power, Pep- 
siCo Foiods has decided to 
pinny* into the practically bar- 
ren local snack food market 
with Its Fritolay and Dorito 
brands, challenging Spain’s 
Cueteras group which, after the 
two neighbours joined the EC , 
made deep inroads into the pre- 
viously modest biscuit market 
and now has broken into the 
salty snack line. 

Many expected national in- 
dustry to wilt under EC compe- 
tition. But several local con- 
sumer product firms have risen 
to the challenge with consider- 
able spirit, following the multi- 
national lead In launching new 
products, optimising distribu- 
tion, investing more in market 
and media research and spend- 


The northern Peraflta dairy 
group, for example, brought to 
the market, in 1906 an increas- 
ingly-sophisticated range of yo- 

e urts and potato chips, spend- 
;Es WL3n on advertising. The! 
Imperial chocolate company 
radically improved its products 
and used a strong TV campaign 
.to off a musty tmag w. 

As a result company sources 
report a considerable rise in 
sales and say Imperial is ready 
to diversify into snacks and 
chewing gum. 

The global advertising outlay 
in Portugal should hit Es 2L5bn 
Hil« year, about . fiO per cent, 
more than 1006 when it reached 


share. 

Although media analysts note' 
advertising outlay in Portugal 
still lags behind its European 
pa rt ne r s, they believe the rising 
trend will continue, particular- 
ly IT the Social Democrat Gov- 
ernment holds true on its prom- 
ise of opening up TV to private 
enterprise. 

Consumers are not only 
spending more they are becom- 
ing more discriminating, re- 
sponding to wider choice and 
exacting compliance with EC 
regulations that demand that 
packaging be well Insulated to 
prevent deterioration, and 
dearly show expiry dates of 
perishable goods and list ingre- 
dients. 

Largely averse to frontal ar- 
gument, Portuguese consumers 
in the past rarely complained . 
about shoddy goods, blighted 
foodstuffs or dirty shops. The 
patient work in recent .years of 
consumer protection organisa- 
tions, encouraging citizens to be 
fussier and return or reftase to 
buy, sub-standard products, has 
begun to pay oft the quality of 
goods, their pacirnging and the . 
quality of service and hygiene 
in shops has risen sharply. 

• Portuguese tastes are becom- 
ing for more sophisticated. The : 
desire to leave behind a glum 
past of cheap low-quality prod- 
ucts has pushed up the volume 
of -sales of items like personal 
hygiene products by 9 per cent 
in the last year. 

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The Media 


Changes In the air 


A BRIGHT, young reporter with 
a new Portuguese commercial 
radio station recently tele- 
phoned the tax authorities to 
follow up a rumour that forged 
share certificates were circulat- 
ing on the Lisbon stock ex- 
change. 

. Upon hearing the name of her 
employer, the official retorted 
that the reporter had something 
of a nerve contacting the tax au- 
thorities since her radio station 
was a pirate operating without a 
licence. 

The Portug u ese airwaves are 
.rife with piracy, but this happy 


tradon officials about the need 
to proceed at a measured pace 
that the Government intends to 
retain control over at least one 
of the state-run newspapers. 
Most observers think It will 

hug on to the profitable Dlario 
de Notieias quality newspaper, 
which has a circulation of about 


anarchy will not continue 
much longer. Parliament 


The Government may also re- 
tain control over the two state 
television channels, preferring 
to licence three new channels, 
but will probably sell off Radio 
Commercial, the profitable 
state-run commercial radio sta- 
tion, leaving two state radio 
channels, currently run by Ra- 
dio Diffosao Portugnesa, the 
state broadcasting corporation. 


broadcast and contenders can 
start applying for a legal slot on 
the dial from December. The 
Government envisages about 
800 radio stations eventually 
being established, most broad- 
casting locally. 

This liberalisation of the air- 
waves, is only part of the Cavaco 
Silva Government’s media pri- 
vatisation programme, the main 
thrust of which is due to be an- 
nounced shortly. Despite the. 
Government’s aim, outlined in 
its new policy programme, of 
ending the state monopoly on 
broadcasting and privatising 
some, if not all of the state- 
owned newspapers, potential 
bidden claim that an official 
curtain of silence appears to 
have Alien over both the timing 
and conditions of media, priva- 
tisation. 


state broadcasting corporation. 

There are some well-known 
feces among the contestants lin- 
ing up for the bidding race. Mr 
Robert Maxwell, fresh from his 
consortium's success earlier 
this year in winning the struggle 
for 50 per cent of TF1, France's 
oldest and largest state-owned 
television network, has teamed 
with Emaudio, a company ran 
by Mr Joao Tito de Morals, to 
examine possible joint ventures 
in "Social comm unication*. 

As a first step, the fruit of this 
union, Emaudio Interuacional, 
is in the process of buying into 
one of the more exciting new 
private radio stations, Radi- 
oGeste, staffed largely by 
well-known figures from Portu- 
guese television and radio. 

Mr Rupert Murdoch and Mr 
Silvio Berlusconi, the Italian 
entrepreneur, are also reported 
to have been in talks with lead- 


downmarket Ccureto da Manha 
(circulation: 1.6 million). Mr 
Barbosa has made It clear that 

he is disinterested in foreign 
llnka, 

Under existing legislation, 
the proportion or foreign capi- 
tal invested in a newspaper 
.publishing boose cannot exceed 
10 per cent and it is uncertain 
what changes in this rale the 
Government will make in its 
privatization plan or even if it 
can still be applied to European 
companies since Portugal’s en- 
try to the EC. 

The attrac tiv eness of the 
state-run newspapers as poten- 
tial investments is bard to 
gauge. Most interested candi- 
dates seem to agree that some, 
particularly Diario de Notieias, 
A Capital, Joxnal de Notieias 
and Record, could prove profit- 


able. The problem Is that the 
state corporations that run 
them, and whose shares will 
probably be sold off as the first 
stage of the privatisation pro- 
gramme are for the most part 
loss-making and heavily In debt 
Much will obviously depend 
on the conditions that the Gov- 
ernment attaches to the sell off 
and these are unlikely to 
emerge until the end of the 
year. Even then media privatis- 
ation may have to wait until the 
Government has completed the 
sale of other state industries, 
which are more profitable, in- 
cluding the beer and tobacco 
monopolies and the national- 
ised banks and insurance com- 
panies, to which the administra- 
tion has said it will give 

priority. ci*a*ta* HorfgMtn 




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There are currently two state 
.television channels and five 
newspapers either run or ma- 
jority controlled by the Govern- 
ment ; the dally Diario de Noti- 
cias, A Capital, the . Lisbon 
evening newspaper, and Diario 
Popular, which are state ran, 
and Jornal de Notieias in the 
northern city of Oporto, and Re- 
cord, a sports newspaper, which 


the state has a controlling inter- 
est 

AUogther there are 15 major 
public and privatelyowned dai- 
ly newspapers in the -country, 
nffhfmgh only two or three have 
genuinely national distribution. 
.It . appears from cautionary 
noises being m ** ln fay adminis- 


liff 

S T I . t A ,',!f 1 


uiuiiMQi auuiuigw _ 

of the respected 
owned weekly Exprea 
is expected to announce s 
market launch in the near 
Cure. 

Mr Pin to Balsemao is also un- 
derstood to be interested in op- 
erating a private television 
channel, and is understood to 
be looking fin 


dent British television 
ny. The Catholic Church, which 
already runs a well-established 
radio station; Is also interested 
in moving into television. 

Other candidate* likely to be 
interested in one or other of the 
state . newspapers include Hr 
Carlos Barbosa, who runs the 


rombrtfrge sdjool 

Aw? da Liberriade, 173-1200 USB0A - PORTUGAL 
Tel: 533473/57 8030 - TakBC 63775 SPELL P 
Also in Oporta Coimbra, Almada and Funchal 

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EngMh. fanen and Gatman Ttosmioi m tcumm by du Hituguaa lAnmr/ol Educkoi 



LEOS DE PORTUGAL, EJV 

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AIB SERVICE -SPECIAL PRODUCTS AND AROMATICS 


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The future for tourism 


A GENERATION of deposed 
sta gs. princes and archdukes 
who spent a gracious exile at 
Estoril would not be amused to 
see what Portuguese tourism 
has largely become today - a 
prey to the package tour busi- 
ness. 

An increasingly concentrated 
UK tour operator sector domi- 
nates the holiday industry that 
has been built up in the Algarve 
since the 1960s. The southern 
coastal strip, where the high 
season is only now at the end of 
October coming to an end and 
where the climate sustains good 
business for 10 months a year, is 
the only region with more ca- 
pacity than the Lisbon area and 
has come to account for the bulk 
of Portugal's foreign custom. 

Although Portuguese tourism 
goes from record year to record 
year in terms both of foreign 
currency earnings and the num- 
ber of visitors, there is a grow- 
ing consciousness of the way the 
growth has left a large part of 
the country’s potential unex- 
ploited and of the need to go 
more for quality in order to get 
out of the trap. 

Mr Fernao vaz Pinto, who 
with members of his family 
built what is reputed as one of 
the Algarve’s most pleasant ho- 
tels at Lagos 20 years ago, says 
that his aim was to attract indi- 


Wider horizons sought 


vidual visitors but that business 
is now almost all through pack- 
ages. Significantly, less th«n 5 
per cent of clients at the Hotel 
de Lagos are Portuguese, 

"Probably nobody goes now 
for the individual tourist," he 
says. Even the region's luxury 
golf hotels have had to come to 
terms with the fact that golf in 
Britain has become an eveiy- 
man's pastime. 

The expansion of what the 
Portuguese call "turismo de 
Garrafao” (demijohn tourism) 
exercises downward pressure 
on prices as operators try to 
maintain Portugal's advantage 
as a cheap location, and hotels 
lace growing clandestine com- 
petition. Proposals made re- 
cently by Algarve hoteliers for 
an 18 per cent increase next 
season were not welcomed by 
the tour operators, who argued 
that the increase would blunt 
the competitive edge. 

British custom accounts for 
most of the recent market 
growth. Last year the total num- 
ber of visitors to Portugal rose 
almost 12 per cent to 13.1 mil , 
lion, mostly Spaniards nipping 
across for a quick bargain. The 
□umber staying for 24 hours or 
more showed a more modest 8 
per cent increase to 5l4 million. 

After the Spanish, British 
tourists far outstripped the oth- 


ers, increasing by over 21 per 
cent to pass the 1 million mark 
for the first time In terms of ho- 
tel nights spent in Portugal, 
Britons almost equalled the 
Spaniards, with the two nation- 
alities accounting for more than 
half the total. 

West Germans, the world’s 
biggest holiday spenders, were 
well behind at 395,000, scarcely 
up on the previous year, anrf the 
French, at 350,000, showed a 
alight decline. 

in its failure to develop more 
markets, Mr Ltzcinio Cunha, sec- 
rotary of state far tourism, 
blames the sector for not getting 
its act together, as well as the 
shortage of government Rinds 
for a wider-ranging promotion 
policy. 

He compares the Portuguese 
tourist Industry with what hap- 
pened to port wine in the 18th 
century, "when the English took 
charge of production and mar- 
keting and kept the profits." 

With tourism providing one of 
the main targets far foreign in- 
vestment, a large part is run by 
foreigners for foreigners. For 
instance, of the country's 48- 
plus time-sharing ventures, a 
quarter were developed by for- 
eign interests. 

There are an estimated 25,000 
time-share owners, mostly Brit- 
ish. against about 5B00 Portu- 


guese, according to the gro- 
tesquely-named national 
association of the tourism in- 
dustry of periodic habitation, 
which rejoices in the ac r ony m 
‘anithap* (as in: "they told us 
something would go wrong, an’ 
it happened.") 

The sometimes irregular 
practices of time-share promot- 
ers have been subject to a tight- 
ening-up. But slack discipline 
in some other areas, especially 
local planning, has left its mark 
In southern resort zones, where 
the central government recently 
made its first moves to demolish 
illegally-contracted villas. But 
local councils are not the only 
authorities open to charges of 
deficient planning in the sector. 

Much of Portugal remains 
very underequipped. The state- 
run potuadas, a match for 
Spain’s paradores, are few and 
small In many places there is 
nothing by way of accommoda- 
tion between the nearest pousa- 
da and a seedy pension. The dis- 
tribution of facilities is grossly 
uneven. The Azores, placed to 
tap a US as well as a European 
market, have one fifth of the 
number of hotel beds Madeira 

hat 

Mr vaz Pinto, for one, is con- 
vinced that Portugal can exploit 
its rural areas, by setting up the 
equivalent of "dude ranches." 




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A subsidised bed-and-break- 
fast system in selected private 
houses, often in manorial sur- 
roundings, is one way in which 
individual tourism is being en- 
couraged. The current list in- 
cludes more than 140 houses, 
mostly in the northern Costa 
Verde region, with guests being 
required to make bookings 
three days in advance. 

Although net tourist receipts 
were enough to mop up three- 
quarters of Portugal's trade def- 
icit last year, the sector is still 
far from realising Its earning 
potential. According to the 
world tourism organisation, the 
average spent per day by a for- 
eign tourist in Portugal in 1985 
was just $27. Spain, while being 
the prime destination for the 
cheap package tour, managed 
almost twice that at $52. while 
tor the PS. the only country to 


earn more ■ from tourism than 
Spain, the average was $89 l 

Revenue has, however, been 
increasing more rapidly *h»n 
the number, of- visitora Last 
year it was 38 per cent up at 
$L57 bn, nutting Portugal close 
on the heels of Greece as a tour- 
ism earner, and this year is ex- 
pected to show a further sharp 
rise. 

Much-needed new roads and 
the renovation of the rail net- 
work can be expected to in- 
crease the volume of overland 
baffle, while the airports of 
Oporto in the North and Faro in 
the Algarve are in the process 
of being extended and re- 
equipped. A new te rminal at 
■Faro is due to be operational in 
the summer of 1969. 

David White 


Financial Times .Friday October 3G1SS7- 


Pj2£JSi£SJ2£!§£2V®|222 

In the BCI 
driving seat 


ge- 
nial sort of banker. The n»«ii 
bank he presides, over, Banco ie 
GsmueioeXBduMa (BCD; new 
ten years old, has more than deu- 
Ued.ite original .capital to Es 
:4£b*, has assets of Ea libs 
(piafc lain. prefit aud settling 
lid* ft* brisk rhythm of a Porte- 
guese ilnanclal maitet that is 
new. diverse, extremely enneti- 
ttveand riulVug iiig 

Business habits have changed. 
New private banks with smalL 
M#l3r4rato£d staff, carefal op- 
erating costs , and nnbnreaucra- 
hc management are shaipening 
their competitive edge over the 
n at io na l feed ' sector. ' - . 

IF&r larger in assets and 
I Branches,, excessively staffed <to- 
ppite recent efforts at pruning, 
nationalised banks have made 


Investbnentos. 

When the hardy Northerners 
who ha c ked BPI derided it was 


. time to «t up a smaH. commer- 
cial bank, Mr.Vrioso was nude 
chairman and now rales the 
•mail, cosy BCI which has dog- 
gedly resisted the temptation to 
shoot far bigness and plumps for 


it and - replace bureaucratic 
snarls with speedy personalised 
service. Bat by the time the ceut- 


new private Portuguese banks la 
1984-85, the ground to be re- 
gained was vast far institutions 
Uutt had coasted far a decade on a 
quasi-monopoly. 

Things have Improved not 
least because increasingiy-dis- 
c rim ln at lng easterners now ex- 
pect service. If they do not get it 
art one hank they move to another. 
Before liberalisation they were 
stack, like it ornet, with sparse 
choice. 

. Mr. Vetoso is in an interesting 
position. He started in private 
banking, with the Espirito Santo 
Silva family which owned one of 
the banks nationalised overnight 
In 1975. ' • • 

That bonk was one of Portu- 
gal’* most solid Institutions. Af- 
ter the owners’ assets were swept 
into the state net, Mr. Veteso, as 
empfoyee, not the owner, ran the 
bank and kept its slate freer than 
many other nationalised banks of 
politically -motivated credit to 
uandst worker or col- 

lectives and ether revolutionary 
experiments. 

He insisted on naming the Es- 
pirito Sante e Cemerelal Ka«.u 
(BESGL) as a bonk; net as a tac- 
tical weapon of commissars. As a 
reault, when things began to 
eslm dovrauthe BESCL’s original 
“iidity and cansfal peet-revolo- 
Meuacy management stood it in 

In the early. 1988s Mr Vetoso 
went private again - into a new 
venture, SP1 which In 1984 be- 
-came Portugal’s first new pri- 
vate bank. Banco Pertogues de 


select npwardly-mohlle custom- 
ers, from tiie liberal professions 
- end small/medium businesses. 

Today's customer who has 
reached a reasouably-comfort- 
abfte Income level wants remu- 
nerated sight deposits, cash 
management. Investment and 
personal attention services 
- which few, If any, i—t custom- 
ers ceeld expect a few years ago. 

Customers are getting very 
choosy new that companies are 
le» indebted. They shop from 
bank to bank in search of a good 
credit deal or a higher remuner- 
ation. 

Their choostaess keeps bank- 
ers on their toes. Private enter- 
prise, rude words when leftwing 
. revolution briefly turned capital- 
, 1st* into pariahs and banks into 
political rally halls, Is exacting 
its pound of in ve ntiveness from 
the recycled banking system. 

The ironies of destiny have 
placed Mr. Veloso's small, user- 
friendly BCI in Lisbon almost 
/hack to back with another new 
priva te bank with a similar acro- 
nym - BIC, or Banco Internation- 
al de Credito. 

The founders of BIC are none 
other than the Esptrtto Santo Sil- 
va family and group so rudely 
dispossessed in 1975 and now 
back in business in their home- 
land catering to companies that 
in same cases have been loyal 
customers of the bank for more 
than 106 years. 

BIC which, like all private 
Portuguese banks, has been In- 
creasing capital and assets rap- 
idly, bean a name that gives no 
clueto the identity of its owners, 
™ their in vestment contpuy, 
Espirito Santo Investlmonto 
leaves no doubts. 

.The wheel ef Portuguese bank- 
tag fortunes took odd turns in 
the mid-1970s but Is now spin- 
ning less erratically, to the ben- 
efit of the sort of customer who 
wants to succeed in a new, busi- 
ness-oriented climate. BCI and 
BIC may sit back to back geo- 
graphically but professionally 
they compete side by side in a 
market where professionalism is 
becoming the main driving 
force. 

Diana Smith 


Luxembourg 



Santo Group been 



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and our country’s many investment opportunities, 
contact any of the offices listed below. 


BANCO INTERNACIONAL de CREDITO SA. 

in partnership with Caisse Nationale de Credit Agricole 


Lisbon 

Av. Fontes Pereira de Mela, 27 
1000 Lisboa 
Telephone: (1)5271 35 
Telex: (0404) 62353 BANICR P 
Telefax: (1)52 61 65 


Oporto 

Av. Boavista, 1200 
4100Ftorto 

Telephone: (2) 69 22 50 
Telex: (0404) 28608 BANICR P 
Telefax: (2) 69 32 80 


ESPERTTO SANTO SOOEDADE de INVEST1MENTOS S A. 
Av. Fbntes Pereira de Melo, 27 
1000 Lisboa 
Tblephone: (1) 52 31 36 
Telex: (0404) 63595 ESSIP 
Telefax:(l)523408 


UNITED KINGDOM 

ESPIRITO SANTO INTERNATIONAL HOLDING S A. 
London Representative Office 
18ih Floor St Alphage House 
2Rxe Street London EC2Y 5DA 
Telephone: 01 588 0458 
Telex: 8814627 CITY SPG 
Tfelefax:015884052 


Brazil 

associated to 

Banco Inrer-Adantico InvestimentoS A 
Rio de Janeiro - Sao P&ulo 

in partnership with Caisse Nationale de Credit Agricole 
and the Monteiro Aranha Group. 


Finance 

Societe Bancaire de Paris 
Paris 


Switzerland 

Compagnie Finanriere 
Espirito SantoS A 
Lausanne - Geneva 


United States 
Bank Espirito Santo 
Miami 


Bank Espirito Sanlo International Limited 
Grand Cayman 


Bank Espirito Santo 
Representative Office 
Madrid 








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BY LOUSE KEHOC M 8AM FRANCISCO 

0)MPAQ COMP UTER, the- US per- Lufasfay analysts had predicted 

»nal i nanu£arturer < has third-quarter earnings of 81 centsa 

armoim^ draiiiiiticany higher shwBaxrfsaidtti^Shigbereanfc- 
sales and 'earnings, mgs indicated that Compaq was 






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Bell Cailadl shows 
10% drop in profits 


BY DAVID OWEN IN TORONTO 

BELL CANADA, Enterprises, the 
diversified .'• telecommunications 
company whose subsidiaries in- 
clude Northern Tekscom and Bell 
Canada, reported a near 10 per cent 
decline in net income yesterday, 
wife only Nortel contributing more 
to overall inc ome it fed a year 

ago. 

However, Mr Jean de Grandpre, 


Montreal-based company, said that 
earnings per share remain within 
expectations and projected that 
1987 net income will show some im- 
provement over 1986. 

In the latest period net income 
H ppTifrflhlo to common shares to- 
talled CS237m (US$179.5ra), or 88 
cents a share, compared with. 
C$283m, or C$1.01, a year earlier. 
Total operating revenues rose near- 
ly 5 per cent to C$3.55bn, from 
CKUflbn in 1988. • 

In the nine months ended Sep- 
tember 30 net income slipped 
CS722m, or CS2JS9 a share, on reve- 
nues of CSID-Blbn — down from 
C$737m. or CS2A9, on revenues of 
CSlOJJlbn in the corresponding 
year-earlier period. 


Northern Telecom’s contribution 
to third-quarter earnings was up 
marginally to C$45m from CS44m a 
year earBer. to the mne months the 

manufacturing subrndiazy contrib- 
uted CS133m, compared with just 
CS117m in 1986. 

Third-quarter net Income at BeB 
Canada, meanwhile, tumbled to 


its contribifeon to BCE earnings to 
CS173m from C$170m over the 
same period. At the .mnermonfe 
stage fee company’s earrings. rose 
to CSMSm from C$522m,however, 
and its contribution to; BCE earn- 
ings correspondingly increased to 
CS522m. 

Calgaiy-bued energy: company 
TransCanada Pipelines caotrib- 
tried justGHfin to fhndquartw in- 
come- dowmfrom CS12m a year 
ago. At fee^tate-moufo-' stage fee 
units etmtributitm totalled CS28m. 

The ^^'.^Mdributioii reflects 
BCE’s share pf a C$8.4m reduction 
in the canipBny'fc previously report- 
ed 1986 eacnmgs because of a regu- 
latory ctodrion to cut natural gas 
transmission tolls during fee year. 


Entregrowth still wants to 
buy US paint company 


By Detonfe Hargreaves 
in Chicago 

TOP EXECtmVES at Chkago- 
based Beatrice food company 
met potential bnyera of the oor- 
p®sratfe« yesterday in a Fact-find- 
ing mfoskn. 

The eutu tlw who were on 
hand at an undisdoacd down- 
town Chicago location were ex- 
pected to meet their opposite 
numbers from some six con- 
gku u e rai e s that are interested hi 
fee company, 

Interest has h^en expressed by 
such giants as RJJL Nabisco, 
Balston Farina, the St Louis- 
based food c omp a n y, and Chnl- 
ever. 

Quaker Oats, BLI. Hahn and 
Pntobaiy were also expected to 
be at the meeting. Bat obaervere 
-inspect only Unilever or RJJL 
could raise fee financing to meet 
Beatrice’s S5bn price tag. 

Beatrice, which was taken pri- 
vate In April IMS by a manage- 
ment buy-out, has since sold off . 
some $3J bn in assets and span 
off its non-foed companies bi fee 
newly loaned E-D Holdings. - 

The food operations . still re- 
maining tinder the auspices of 
Beatrice had sales of S16Sm In 
fee fiscal year ended February, 
wife earnings ion- tint period at 
5352m. These divisions include 
Hunt-Wesson, which makes edi- 
ble ofis and tomato products, 
Swifi-Ekrich . meats, Tropteana 
mange juice and-a. dbeese mtiL 

Beatrice expects fee sale to be 


ENTREGROWTH International of 
Auckland, New Zealand, yesterday 
told US government regulators feat 
it was stilt Interested in acquiring 
Standard Brands Paint, Beider re- 
ports from Washington. 

Entregrowth oflered. to acquire 
Standard Bwtwflw in. July for si pack- 
age of cash and securities it valued 
at S28 a share, but feat proposal 
was declined fcjy Standard Brands 
on July It 

In a filing wife the Securities and 
Exchangft Commission ' (SEC), a 
group of companies including 
Entregrowth said it currently held 
749,300 shares of Standard Brands 
common stock, or 8.7 per centof fee 
company's rrwnmon stock ootstand- 


The group led by Entregrowth 
said it pr e fer red to acquire Stan- 
dard Breads in a negotiated trans- 
action but added it night seek con- 
trol of ^ fftmpmiy through a ten- 
der offer, open market and private 
stock purchases, or otherwise. 

On July IB, Entregrowth offered 
‘to acquire Standard Brands with 
- the involvement of the company's 
gwninr manag ement at $21 a share 
in cash, phis convertible debentures, 
with a touting valued $7. 

U R succeeded in gaining control, 
of the company, Egtregrowffi mnd fc r , 
planned to -convert Sfiadaitf 
Brands into* prinfraMffhflme; < W 
.coratnr ^pedalifrreigiijer opfflating' 
fromalaraecnuffli® afRniaiL***- 


Icahn buys more of TWA 

BY OUR NEW YORK STAFF 

MR CARL ICAHN, chairman of -7VM sfavAhnMar f.iifeflB mirirt 
TWA who is attempting to take fuD crashed lO de^x ^ . ^dd 'be bad. 


advantage of fee stock market's fan, boo^it -851400 shares between Go- 
to increase his TWA stake a notch tober 22. and October 27 at prices 
to 74J par cent atdepressedpriees. ranging frflm- .Slfl.75 to -Slfl.75 * . 

Mr imhn, who dropped his offer, ' TWA shares stood jrtS28 before 
worth SL24bn t to buy out.fee other . the (fin ires dropped.' 


Canadian 
trust doubles 
earnings 

ByRobart Oibbfn to Montreal 

MONTREAL TBOSTCO, Cana- 
da’s feurtMaigest trust Compa- 
ny, a lm ost derided Its earnings 
fa fee firs t nine months o£ 1987. 

; v r'Beye mies were OBWa 
i.tpStZ&n), up Cram C$42flm a 
:#e£i£earilei 7 aiid net profit was 
' C$145 a share, 

agrins , CHSJtn, or 70 cents, 
nfiri^quiiter earrings equalled 
335 cents against 25 cents. Aver- 
age stares aristandag fa fee 

nKi* ihm VI* tahllaf rim agifag 


; .Total assets of Montreal Trust, 
pert -of fee financial services 
group of Montreal financier Mr 
Fan] Desm&rais’s Power Corpor- 
ation . of Canada, readied 
C$73bn, up from GNLSbn a year 
earlier. 

Each of .fee cas*piny , & divi- 
sions, from, fiduciary services to 
real estate and .mone y ma nage^ 
men*, prswtnced major gains in 





up 140% 
at eight 
month level 

By Sara Wtbb In Stockholm 

TBELLEBOBG. fee rapidly 
growing Sw edis h robber and 
plastics group, reports a 149 per 
cent inc reas e In profits in the 
first eight months of 1987. 

The ups urg e follows a sharp 
i ncre as e in sales due to acquisi- 
tions made over fee post year 

North American 
quarterly results, 
Page 47 


mtd fee of results 

from Bofiden, the mining, metals 
and chemicals group. 

TreOeborg confirmed yester- 
day that it had de cid ed to go 
ahead wife its bid for the out- 
standing shares in BoUden des- 
pite the stock market crash. 

TreDeborg sakl tint profits (af- 
ter financial Items) bid risen to 
SKi471m (S79m) compared with 
SKrlMm fee previous year. Full- 
year prafitsare expected to reach 
SKrTOOm. 

Group tur n over for tire first 

eight iMntfw Inhllwl 

SKrl9.74hn, comp a red wife 
SKrLTfen bat year. Bofiden has 
been consolidated since January 
1 (ids year, accounting for modi 
of the im p ro ve m ent in TreBe- 
borg’s figures. 

Since taking an htitial stake in 
Bofiden over a year ago, TreDe- 
boeg fan pot fa new mawage- 
neri, and the group has been 

restructured and pot back on its 
fret after making record losses of 
about SKrlhn in 1988 on turn- 
over of SBxlUbn. 

Bouden’s profits In- 3981 as a 
whole are expected to reach 
SKrdOOm after financial items. 


Guy de Jonqoieres reports on a possible change of heart by a Japanese manufacturer in Europe 

Komatsu warning on UK plant performance 


KOMATSU, the Japanese earth- 
moving equipment manufacturer, 
whose UK plant is (he subject of a 
European Community dumping in- 
vestigation, has expressed severe 
disappointment in the plants per- 
formance. 

It has warned that, unless there 
is a sharp improvement, it may 
have to consider other sites for its 
future European «y»pHnwAw 

Mr J. Aka st su, Komatsu’s produc- 
tion director, said in an interview in 
Tokyo feat output at the plant at 
Birtiey, near Newcastle, northern 
Rngjiipii, was running at only 
fee planned level 

He said its costs were 20 to 25 per 
bent above those in Japan. Only one 


of the products being made there, 
an excavator, was bring produced 
satisfactorily. 

The plant, formerly owned by Ca- 
terpillar, Komatsu’s US rival, start- 
ed operations In October last year. 

"We have not yet concluded feat 
BIrttey is bad," Mr Ak&tsu said. "We 
want it to develop as much as it can, 
and I expect some rhwTigp for the 
better next year. But if it does not 
improve in fee future, we may have 
to think about a new plant in Eu- 
rope." 

He hbiprai most of ♦ iff plant’s 
problems on its UK sub-contractors, 
most of whom, he claimed, were 
foiling to deliver parts of suitable 
quality an time and at the cost re- 
quired by Komatsu. 


This was despite Komatsu’s wil- 
lingness to technical help 

and offers of special financial aid 
by the UK Department of Trade 

and Ind ustry, 

Mr Akatsu said some of fee sub- 
contractors were learning to meet 
Kom a t su’s needs. "I have not given 
t hem □p," he said. 

However, be expected 81x116/5 
output this year to be half fee 
planned £45 m (576.5m), and he 
doubted whether plans to achieve 
production worth £90m next year 
were still realistic. 

Problems at Birtley were also 
holding up Komatsu’s drive to pro- 
duce more outside Japan. 

The company was considering 
raising overseas production from 


an estimated 7.5 per cent of total 
sales this year to about 35 per cent 
in three to four years by expanding 
its manufacturing capacity in fee 
US and Western Europe. 

However, Mr Akatsu said that 
fee Komatsu board would be un- 
likely to approve such a big Invest- 
ment programme until it was satis- 
fied that production at Birtley could 
be profitable. 

The Japanese company’s criti- 
cisms of Its UK suppliers followed 
fee launch by the European com- 
munity last week of an investiga- 
tion into accusations by some Euro- 
pean manufacturers feat local con- 
tent at the Birtley faM 

to reach the BO per cent level by val- 
ue required by Community rules. 


The investigation was the second 
started by fee EC under a new law 
intended to prevent Japanese ex- 
porters from evading anti-dumping 
levies by setting up European as- 
sembly plants which refy heavily on 
imported parts. 

Komatsu has insist ed feat local 
content at the Birtley plant is at 80 
per cent It says this has been con- 
firmed by an audit of its UK opera- 
tion carried out by an independent 
firm of accountants. 

The Birtley plant is Komatsu’s 
first production facility in the EC. 
The company, one of the world’s 
largest makers of earth-moving 
equipment, also has plants in the 
US, Brazil, Mexico, and Indonesia 
as well as in Japan. 


US steel groups benefit from Motorola launches 
higher prices and firm demand powerful 32-bit chip 



BY OUR NEW YORK STAFF 

THE TliBBB largest US integrated 
steel companies, enjoying their first 
sufttametf i mp ro vem ent in prices 
and demand (bis decade, have re- 
ported better profits for the third 
quarter to September. 

Bethlehem Steel and LTV both 
reported profits for fee September 
quarter after losses in fee third 
quarter of 1988. USX, the market 
leader, earlier reported a 34 per 
cent increase in net income. 

All three results are heavily dis- 
torted by accounting and tax effects 
of the industry's massive reorgani- 
sation while LTV enjoys various 
profit benefits from operating un- 
der bankruptcy protection. 

But a foil in the dollar and in- 
creased volume appear to be work- 
ing through to steel operations, 
wife USX posting a respectable 
S150m operating profits from $Llbn 
in steel revenues. 


Income for 
US brewery 
jumps 19% 

By Our Now York Staff 

ANHEUSER-BUSCH, fee world's 
largest brewer, has shown a 19.2 
per oent increase in third-quarter 
net Income to S192fim. or 85 cents a 
share, as its beer brands added to 
their already dominant US market 
share. 

The St Iouis group, which brews 
such well-known beers as Budweto- 
er and Michelob, saw sales reve- 
nues in the September quarter in- 
crease a more modest 8 pef cent to 
£L35bn. The volume improvement 
was 3 per cent to give a domestic 
market share of 39.4 per cent in tiie 
first nine months as against 37.6 
per cent in the same period of 1988. 

Mr August Busch, c ha irman, said 
the group’s Volume gains will con- 
tinue significantly to outpace indus- 
try growth.” 

In the nine months to September, 
Anheoser-Busch reported net in- 
come of $505 Jm, or S1A7 a share, 
an increase of 19 j per cent over fee 
first ‘ nine, months of 1988. Sales 
reyenues lpcreased 7J per cent to 
s6jnȣ. 

Mr Busch said: "We remain confi- 
dent of future gains based on con- 1 
tinned market share penetration, a 
moderate cost outlook and contin- 
ued' productivity gains.” 


LTV, which operates a highly 
profitable defence and aerospace 
business as well as its steel mills, 
reported net income of S72.7m, or 59 
cents a share, against a loss of 
£L07bn in fee 1986 third quarter. 

A special tax credit of S37xn 
raised net income in the most re- 
cent quarter to S109.7m, or 91 cents. 
The 1988 loss was caused by a spe- 
cial charge of $2Jbn to recognise 
the massive impairment of the steel 
business on going into fee 
11 bankruptcy proceedings. 

In the Tiirwj months to September, 
LTV reported net income of 
$2K9m, or S1.77, against a loss of 
S2.fi bn. Sales revenues were S1.75bn 
against $1.73bn in the quarter and 
S5.6bn against $5A5bn in the nine 
months. 

Bethlehem Steel, which was long 
thought to be the next candidate for 
bankruptcy, reported third-quarter 
earnings of $30.4m, or 47 cents, as 


against a loss of $7L3m in the 1986 
September quarter. Although the 
result was flattered by an invest- 
ment tax credit refund of $323m, 
Mr Walter Williams, cha irman, said 
he expected both operating and net 
income in fee current quarter. 

Nine-month earnings were 
S102Jhn, or $1.85, against a toss of 
$186 Dm. Sales revenues wore 
SLlfibn against $l-03bn in the quar- 
ter and S3.42bn against SSAlbn in 
fee rune wvmth* 

USX, which has diversified into 
oil and gas, reported net income of 
$140m, or 48 cents, against a toss of 
3183m in the 1986 September quar- 
ter when the steel operation was 
strike bound. In the nmn mnnttit 
USX reported earnings of 3233m, or 
67 cents, against a toss of S418 dl 

Sales revenues were S3A6bn 
a gainst $&£4bn in the quarter and 
$I0.60bn against S12JL7bn in the 
nine months. 


BY LOUISE KEHOE IN SAN FRANCISCO 

MOTOROLA, the US elec tronic s systems 
and semiconductor manu fa cturer, ent, 324 
yesterday launched what it clai ms $8,000 a 
was fee most powerful mkroproces- pf jj 
sor to date in a major challenge to praidei 
Intel the current market leader. Molorol 
The new Motorola chip, the B8030 group, i 
32-bit microprocessor, was twice as exclusn 
powerful as the Intel 386 which made a 
formed the "brains" of high perfor- Motorol 
stance personal . computers micropr 
launched this year by IBM and ly main 
Compaq, Motorola executives mass m 


The new 030 also increased per- 
formance by a factor of two over fee 
previous generation of Motorola 
micros used by companies such as 
Apple Computer in their high-end 
personal computers and worksta- 
tions. 

Motorola predicted that the 030 
would enable systems manufactur- 
ers to sell powerful 32-hit computer 


systems for about $2,000. At pres- 
ent, 32-bit systems sell for between 
$8,000 and $8,000. 

Dr Murray Goldman, senior vice 
president and general manager of 
Motorola's microprocessor products 
group, said, "32-bit computing, an 
exclusive high-end technology, was 
made available to many through 
Motorola's previous generation of 
microprocessors. The 030 will final- 
ly make 32-bit computers truly a 
mass market standard." 

The Motorola 030 has been tested 
in prototype quantities by major 
customers including Apple Compu- 
ter, Sun Microsystems, Northern 
Telecom, NCR and Unisys over the 
past six months, the company said. 

The chip was now available in 
production quantities, and the first 
computer systems based on the new 
chip should appear early in 1988. Dr 
Goldman said. 



FASHION 

VIOIIM 


To avoid looking ridiculous in choosing a foreign 
partner in banking one must find the perfect balance 
between the latest fashion and stodgy conservatism. 

At Interbank we follow, examine and evaluate the latest 
trends so that when you are ready do business in Turkey 
we can advise you on a creative and sound direction to 
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That’s what has made Interbank one of the most 
profitable wholesale banks in Turkey. 

There is a profit in Turkey 
and at Interbank 
you can bank on it. 


INTERBANK ^ UIUSIARAEASI 

For more information tan Interbank please contact NA SHEPPARD, ULLSIARARASI ENDOSTRf VE TlCARET BANKASI A£ 
SOyCKDERE CAD. 108, ESENTEPE, ISTANBULTURKEY. TEL (1) 172 20 00 TELEX: 26096 EBGE TR- 


• A 









Atl these securities having been sold, this announcement appears as a master of record only. 


NEW ISSUE 


September. 1987 


CIVAS 4 Limited 


U.S.$200,000,000 


Secured Floating Rate Notes due 1992 


ISSUE PRICE 100 % 


The Nikko Securities Co., (Europe) Ltd. 


Citicorp Investment Bank limited 


Bands; of Tokyo Capital Markets Group 
Dalwa Bank (Capital Management) Limited 


Bankers Triist International I imiteri 


Ktesnwort Benson limited 


Mitsubishi Finance Interaatknzal Limited 


Sumitomo Finance International 


Shizuoka Finance (ELK.) Limited 
Tajyo Kobe International Limited 


AO these- securities having been sold, this announcement appears as o matter of record only. 


NEW ISSUE 


September, 19S7 


CIVAS 5 Limited 


Japanese Yen 9,000,000,000 


Secured Floating Rate Notes due 1994 


ISSUE PRICE 100% 


The Nikko Securities Co., (Europe) Ltd. 


Sumitomo Trust Inte rnational Limited 


Sanwa International Limited 


Taiyo Kobe International Limited 


AO these securities having been sold, this announcement appears as a matter of record only. 


NEW ISSUE 


September, 1987 


CIVAS 6 Limited 


U.S.$100,000,000 


Secured Floating Rate Notes due 1992 


ISSUE PRICE 100% 


The Nikko Securities Ok, (Europe) Ltd. 


DKB International limited 


Shizuoka Finance (ILK.) limited 


S wmitnmn Finance Iirtw nafinnfll 


Taiyo Kobe International limited 


WestLB Securities Pacific Ltd. 


/=V 


T-T-17T 


SsoAArennw 

linarpara&drtithkTBfedkab&tyri the Grand Duchy of LutomtxxrgJ 


US. $15,000,000 
Floating Rate Serial Notes 1988 
Convertible into 16%% Serial Bonds 1988 


Notice is hereby given 

pursuant » the ‘toms and Conditions of the Notes that 
far the six months from 

30th October. 1987 to 29th April, 1988 
the Notes wffl cany an interest rate of 8%% per annum. 
On 29th Apr*. 1988 interest of U.S.S1.000 wil be 
due per U.S.S43.92 Note for Coupon No 13. 

The Conversion Interest amount applicable to Notes which 
are presented for conversion on or before 29th April 1988 
wiB be US.S ml per U S. 81,000 Note. 


30th October. 1987 


EBC Amro Bank Limited 
(Agent Bank; 


051250000,000 GtMRAMraDflXJMWG^TCKBORWNATH) CAPITAL 

CITICORP BANKING 
CORPORATION 

Pnc o r p oroterfm the State of Defawore) 
Uncondftiooofly gu ara n te ed on o wbotx£na*od bask by 




Notice s hereby given Ihot the Role of Interest bos been fixed at 
8.0625% end thotftw interest poyoble on the rale ua ri Interest Payment 
Date January 29, 1988 against Coupon No. 12 in raped of 
US|1 0,000 nominal of the Nates wfl be USS203J90. 


October 30. 1987. London f^fTIOdAlfA 

By: Citibank, MA. (CSSi Dept], Agent Bank WUDMmW 


h 


i 


Agent Bonk CfTIBAhKO 


Financial Times Friday Octtta* M> WT 

INTL. COMPANIES & FINANCE 


George Graham on a French newsprint group's latest rescue plan 


Buyers queue at Chapelle d 


CHAPELLE D* ABB LAY, the plan of the last Socialist Gov- 
French newsprint xnanufactor- eminent never worked and that 
er rescued by the Socialist Gov- it is the current Government 
eminent from bankruptcy in which is the papermakert real 
1983. faces another liquidity cri- saviour, 
sis this weekend. From the viewpo int o f Mr 

The papermaker, which nar- Alain Madelin, the French In- 
rowly avoided default- two dustiy Minister. Mr Kila is all 
weeks ago, must Sad another too good at politics. He sees it 
FFrfiQm (510.2m) by the end of as no accident that one of Cha- 
,the month to pay its suppliers, pelle d’Arhlay’s mills is sited in 
many of whom have stopped of- the constituency of Mr Laurent 
Ifering their "*n»i credit condi- Fabius. the fbnner Socialist In- 
ftions. dustry Minister and then Prime 

1 Salvaged four years ago with a Minister under whom the state 
itotal of FFriLSbn of government subsidies were granted, 
[subsidies and loans at symbolic Mr Madelin said: In reality, 
'interest rates, Chapelle d’Ar* Mr Kila has put in EFrlm of lus 
■hlav had the remaining own money and succeeded in 

g !50m of state aid frozen last mobilising FFr2bn of state aid 
when the right wing Gov- for a company in which he has 
rent of Mr Jacques Chirac 51 per cent control The ratio of 
one to 2000 is dangerous and 


came to power. 


Now, the company is on the fragile." 


brink of another bankruptcy - Hovering around the strug- 



an outcome which would not gling newsprint manufacturer 
displease some government of- are at least five paper groups 


Serials, since it would wipe the ready to come in as rescuer or 
slate clean and allow a new so- partner. Mr Ella’s preferred 


Alain Madelin: ready to 
reduce state aid 


lution to be developed. candidate, KNF of the Nether- pie. A guy with a nylon stocking 

It would also allow the Gov- la nd s , has taken its studies ftir- factory comes to visit and wants 
eznment to force out Mr John tbest, and its board is due to all my costs, my customers, my 
Kia . the Dutch Canadian Indus- take a preliminary decision on pricing structures.” 
trialist who took control of Cha- Monday. The prize in this wrangling is 


pelle d’Arblay in 1984 with the The French groups which a company Whose sales current- industrialist ah 

backing of the state's subsidies, have toured Chapelle tfAr- ly amount to FFri.Sbn a year. K * K «.i| C *,rt! chi 

and who is now at odds with the May's mills are Cellulose do and which, according to Mr I**®* •JMS "f* fSnT'arae 
administration. Pin, in conjunction with Swed- -Kila. Is on the way to operating re* 

hmiMmii I— T V IWo .f U«un PFrlrtm M Russian SOPpflCK iw per WI 


The prize in this wrangling is 


It is eoM Of Um With 

rasdv bo«* ordered *h« fa 
Govern me nl fror* *** 

vpsWOm Of wbswiw ‘ »«« 

weighs on ChspeHed'ArfcLiy u 
day. But the company and tfe 
stale arc not in ft«*< JWCm.mii 
bow much mncoy i* tails****!* 
to carry the comp«jf nromfc 

With these new linejCRi 
pelle d’Arblay willhave im ti 
parity to pradoee 23MXMrioimi 
per year of ww»pnr.t w 
200.000 of coated paper. In 
market that Mr Ki« descrtlw 
as very tight 

He sarvs; "I would aev^r w 
said in *1883 that we could hw 
a shortage of newapnat 
now there is a 
Lft'C mark*! virnas then i 
weak, but today you can sen e 
eiy pound you make/ 

Three old machines hav 
been transferred to * rcparai 
company operates under eoi 
tract with Chapelle d Arb Jiy. i 
order to remain wttbin the ei 
parity limit* agreed w:t» Hi 
feoropean Commi«son at M 
time of the original subsidy *< 
cord 


Pin. in conjunction with Swed- -Kila, is on the way to operating 


"My biggest problem is that I en’s SCA, Beghin-Say with Feld- profits of between FFTlOm to romKar.v i 

. J™ — Freucn wood- ine cwnw"*? i 


do not know what the Govern- muehle of West Germany, Alicel FFr20m this year, 
mentis doing," he says. with the Swedish group Modo, The financial pi 


with the Swedish group Modo. The financial problem comes 
; in the and Pinault with Canada's Cas- from the costs of rebuilding two hjL-SSTi 5 darker i 

'. One of ate .. . «SBx. > M-vritt >><= « 


"I have been 39 years in the 
pulp and paper industiy. One of 
the few things that I know how 


A late entrant to the Hats is Grand -Cbnronne. already start- 


to do is to finance, build and the publishing group Hachette, ed up. but not yet functioning at ceRl 10 urBC - 

run a paper mill I am not very which after voicing its concern full capacity, and a line at St w per cent 
good at politics." over the future of a French do- Etienne da Rouvray producing But time is running on; fin 

He claims that the Govern- mestic newsprint supplier has lightweight coated paper iLWC) France s leading new^prir 


ment is keen to push Chapelle been asked to come up with a for magazines, due to start up maker, and without an o I her ea 


d'Arblay into bankruptcy so rescue plan. 


on November 10 but now proba- tension from its creditors SI 


that it can say that the company Mr Kila complains: "We have bly delayed by Chapelle d’Ar* Kila will have difficulty stayin 


was a lame duck, that the rescue had visits from tile craziest peo- blasts difficulties. 


in control. 


Second SKF edges ahead to SKrlbn 


Danish 
bank fails 


BY SARA WEBB M STOCKHOLM 


By HHwy Ban— In Copenh a gen 


C & G BANE; a small specialist 
fcanfc, suspended pay me n ts on 


Wednesday, the second Danish 
bank to fail this year. 


Hr Karsten Hlllestroem, 
managing director of the 
Bankers’ Association, said time 
the collapse brought a spate of 
criticisms of the Bank Inspec- 
torate "which needs a substan- 
tial strengthening/ 

The bank’s problems arose 
last summer, when it overstep- 
ped the legal limits for loans 
and guarantees to a single cus- 
tomer. - - 

The four main shareholders, 
with 80 per cent of the c ap it a l . 
Kxrfcbi Invest, asso ci a t ed with 
the Lego toys groap. two pen- 
sion fUnds and EKectrolnx, the 
Swedish group, put ap 
DKrl25m (518.6m) in new capi- 
tal in recent months. But a 
more the rough examination of 
the books over the past two 
weeks revealed that the hank 
needed additional capital of 
DKr300m to make it solvent. 
When shareholders declined to 
pay up, the bank was forced to 


SKF OF Sweden, the leading 
manufacturer of roller bear- 
ings. reported an increase in 
profits after financial items of 
3.5 per cent to SKrLOBbn 
(6275m) in the first nine months 
of this year, while sales rose by 
&8 per cent to SKrl4.44bn. com- 
pared with the same period last 
year. 

Comparative figures have 
been adjusted to exclude steel 
operations which are no longer 
a consolidated part of SKF ac- 
counts since they were merged 
last year in a Joint venture with 
Ovako of Finland. 

Sales of bearings rose by 7 per 


cent to SKr2Z3bn, and although 
profits after financial items for 


bearings remained unchanged 
at SKrtiOOm during the first nine 
months, profits fbr this division 
showed a downturn in the third 
quarter at SKt2X9m against 
SKx263m in the same period 
last year. 

The strength of the D-Mark 
during the first nine months - 
which has affected West Ger- 
many's export industry - bad a 
negative effect on SKF*s busi- 
ness as it is a supplier to the 
West German automotive indus- 
try. 

SKF said that overcapacity In 
the bearings industry bad put 
strong pressure on prices. The 
group said there was severe 
price competition from low-cost 


countries marketing eg; a: star 
bearings in standard configure 
tions. and that SKF bad had “« 
restructure its operations v 
this field, incurring Job-cu 


costs during the thin! Quarter 
The group said that deliverte 


to the automotive industry dc 
veloped more rapidly but tb* 
prices were depressed. 

Group sales and earning 
have improved slowly in eiu 
North American market, am 
more favourably la Latin Amet 
ica. India and Asia. 

Capital expenditure on prop 
erty, plant and equipment to 
tailed 8Krf34ss. compared will 
SKrSBflm to the first aim 
months of 1996. 


PLM boosted by restructuring 


BY OUR STOCKHOLM CORRESPONDENT 


PLM, THE Swedish 
group, has shown a 1 


Bringing Full-year profits before «- 
per cent traordinary items are expected 


jump In profits after financial to reach SKriQOm. compared 
items to SKrl713m (527.8m) io with SKrI6&8n> in 2988. 


the first nine months of the 
year. 


Indnstrivaerden, the Swedish 
investment company which is a 


year. investment company which is a 

The increase was due to major shareholder in PLM, 
strong improvements in earn- made an offer for outstanding 


sions and was help* 
tincturing measures. 


divi- shares in the packaging groap 
res- on Monday. 

PLM sales dropped by S per 


cent in the third quarter 
SKrLOlbn due to poor west] 
during the summer moo 
which affected sales of dr 
and food containers. 

Sales rose by 7 per cent 
SKrllbn during the n\ 
months, though for direc 
comparable units sales 
mained at the same level as 1 
year. 


GBL forecasts profits rise 


BY OUR FINANCIAL STAFF 


USJiOO^OOCWXX) GUARANTEED FIOATB^G RATE SUBORDINATED CAPITAL 
• NOTH DUE OCTOBER 1996 


GROUPS BRUXELLES Lam- show an increase over 1988, 
bert the big Belgian holding which should allow for an in- 
, expects to increase crease in the dividend for the 




will pay a higher dividend. 

As a first step the directors 
have decided to raise the net in- 
terim dividend by 2 per cent to 
BFt51 per common share, up 
from BFr50 a year-earlier. The 
dividend for AFV stock, shares 
issued under a special tax cir- 
cumstances, will be BFr54-40, 
up from BFTCL33. . 

The company stressed that it 
expected profits this year- to 


Earlier this year the company 
reported a consolidated set 
profit of Bfr&24bn (5143m) for 
the first six months of 1987, up 2 
per cent from the BFrt-135bn in 
the same period of!988L 


Hie company paid a dividend 
totaling BFrll9 on its common 
shares for 1980 as a whole, up 8 
per cent from the BFrllO of 
1965- 


CinCORP BANKING 
CORPORATION 

(Jnoorponitecf « the State of Defawore) 
Uncoodkionoffy gu aranteed on a mborJnoted bom by 


1 




cmcoRPo 


No6cb is hereby given fcat the Rato of Interest hot bean fixed <rf 
8.0625% and *tat*h* interest payable on the relevant Interest Payment 
Date January 29, 1988 again* Coupon No. 13 in respect of 
US $1 0.000 nominal of the Notes wffl b»USS203.80. 


October 3ft 1987. London 
By: Citibank. NA (CSSI Dept), Agent Bank 


CITIBANKS 


U.S. $500,000,000 

The Republic of Italy 

Floating Rats Notes 


In accordance with the pro vi s i ons 
of the Notes, notice is hereby 


given that far (he interest Period 
from October 30. 1987, to 


from October 30. 1987, to 
November 30. 1887. the Notes wtU 
carry an Interest rate ol 7%% per 
annum. The interest payable on 
the relevant interest payment 
date, November 30, 1987, wHl be 
U.S. 563^1 par ll.S. 510,000 
nominal amount in Bearer (Cou- 
pon No. 26) or Registered form 
and U.S. $1,587.67 per U.S. 
$250,000 denomination in Bearer 
form (Coupon No. 26). 


ByrlteCtaMNoteaH 
Latin tart Mr 

October 30. 1987 




us. $so,ooojjoq 
Banco Latino Americano 
de Exportackmes, SJL 

Hosting Rate Notas due 1390 


tn ac co rd an ce wfth the pnwWon s of 
the Nows, notice b hereby given, that 

far the six monthe Merest Pertoo tram 

October 30. 1937 10 Apr* 89. 1S6S the 
Notes wB carry an Mem Rata at 
wewt per annum. The amours 
payable on Apm 28. 1988 autnst 
Coupon No. 6 wtH be U.S. 5*Sis4 tar 
Bearer Notes at US. SI 0.000 principal 
amount and UA. 54 A18A0 for Bemw 
Notes ot U.5. *10a000 pitnctpsl 
amoum. US. 5451.84 wtt be p ayat# 
on each U.S. 510.000 pdncfaal amount 
ol Regtswed Notes. 


By: ite CtesoHteuthe he, u 
Lsadn. AffteBttk JS 


This announcement appears as a matter of record only It does not constitute an offer to 
sell or a solicitation of an offer to buy securities. 




MetLife Funding, Inc. 


A wholly-owned subsidiary of 


Metropolitan Life Insurance Company 

Euro-Commercial Paper Programme 


Dealers 


Goldman Sachs International Corp. 

Credit Suisse First Boston Limited 

Swiss Bank Corporation International Limited 


issuing and Paying Agent 


Manufacturers Hanover Trust Company 

London Branch 


15 September 1987 



Octotor 30, 1987 



Plan 


>; 1 

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£ 

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: ._ 

;. alp? *: 

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^FinaricfalTinies Friday October 30 19S7 

INTL. COMPANIES & FINANCE 


29 


*laj Mixed results at Sharp and Casio 


nrsnfAHWAosm. m tokyo 

SHARP .and Casio Computer, 
two leading Japanese electron- 
ics companies which have been 
bit by the appreciation of the 
yen, yesterday reported sharply 
differing interim results. 
.Sharps profits for the . six 

months to September fell 21 per 
cent to YHL98bn ($1 38.5m) pre- 
tax- due mainly to a Y2£3bn for- 
eign, exchange loss. 

At Casio, pre-tax profits re- 
covered 61 per cent from the de- 
pressed 1988. interim result to 
Y3u24bn. ' 

Both companies have been 
trying to increase domestic 
sales to replace export sales 
lost to competitors in other, 
low-cost, East Asian countries. 

But they face severe competi- 


tion from larger rivals, indud- 


lirected their marketing ef- 
forts to the home market 
• Both- Sharp and Casio earn a 
substantial proportion of their 
profits from zajtech - invest- 
ment in the financial ma rkets . 

For .the six months to Septem- 
ber, Casio's sales rose jest 3 Z 
per cent to YlO&Sba. Sales of 
electronic calculators and' 
watches, its biggest lines, were 
down by 4 to 5 per cent; sales of 
newer products - electronic mu- 
sical and liquid 

crystal television sets - were up 
by more than 10 pw cent 

Casio said the profit improve- 
ment was due to strong sales of 


high-margin goods and cost 

cuts. 

As a result, operating profits 
trebled to YL37bn from Y430m, 
but this still accounted for only 
42 per cent of the pre-tax total, 
showing the im por tan ce of Mi- 
tech. Net profits were YL77bn 
against YUZSbn. 

For the foil year, Casio is 
forecasting an 88 per eent profit 
increase to Y8bn pre-tax, or 
Y1&6 a share,' on sales of 
Y230bn. np 13 percent The div- 
idend is to stay unchanged at 

Y12L5G. 

. Sharp is even more reliant on 
zaltech, with operatingproflts 
of Y4.55bn, down from Y&87bn, 
just 24 per cent of the pre-tax 
total 


Its sales were 7 per cent down 
at Yiimbn, due mafoiy to a 20 
per cent decline in exports. The 
interim dividend is unchanged 
atYSJO. 

The company is expecting 
some improvement in the sec- 
ond half since growing domestic 
sales mean that export sales 
have ffclien below SO per cent of 
the group total for the first time 
in eight years. 

Sharp expects a 3 per cent 
rise in pre-tax profits to Y39bn, 
on unchanged sales of Y870bn. 
This is slightly lower than the 
company's previous forecast - 
.indicating the competitive pres- 
sure it is feeling. 


Australian market crash 

claims first big victim 


' BY BRUCE JACQUES IN SYDNEY 

MR YOS5E GOLDBERG, a 
Perth entrepreneur, became 
the first major victim of the 
Australian share market crash 
when bis Western Continental 
Corporation was placed in re- 
ceivership late on Wednesday 
night 

The company's directors, af- 
ter requesting the Perth Stock 
Exchange to suspend its shares 
earlier that day, called in Pan- 
nell Kerr Forster, the account- 
ing Wini [ to examine boob 
and by midnight they had ap- 
pointed receivers. 

' The collapse, coming only 
days alter the A$380xn 
(USS265.7m) rescue package for 
Rothwells. Mr Laurie Connell’s 
Perth merchant bank, h*« fop. 
ther dented Australian busi- 


ness confidence and spur red 
the stock market to another big 
foil yesterday. 

Ur Goldberg owns about 40 
per cent of Western Continen- 
tal. The company's principal ac- 
tivity was share trading and it 
was believed to be particnlariy 
exposed through a Large parcel 
of shares in mtm H olding ^ the 
resources group, which has fall- 
en by about 40 per cent in the 
market crash. 

Western Continental pro- 
duced net profits of A$H4zn in 
the year to June, following a 
Ag&7m loss the previous year. 

It is likely to be some weeks 
before the company's financial 
position Is determined, hut the 
main credit lines were believed 
to come from Standard Char- 
tered Bank. 


Wesgo in A$71m deal for 
AWA broadcasting assets 


BY OUR S Y D NE Y CO B B E8 POMDBIT 


WESGO HOLDINGS of Sydney 
has challenged Hoyts Media's 
recently won position as Aus- 
tralia's leading radio operator 
with a A$7L5m (US$50m) deal to 
buy the broadcasting assets of 
the troubled Amalgamated 
Wireless Australasia (AWA) 
group. 

The purchase follows a bid- 
ding contest which was be- 
lieved to include Mr Christo- 
pher Skase's Qtntex group and 
Amalgamated Holdings. 

AWA said the offer was the 
best received, providing for a 
substantial up-front payment 

The deal, which involves sev- 
en radio stations, means Wesgo 
will own stations in five leading 
cities with strong representa- 
tion along Australia’s populous 
east coast 


For AWA, the deal is a key 
part of its corporate restructur- 
ing which followed a disastrous 
A$50m foreign exchange loss in 
298897. 

It is the second big ownership 
change in the Australian radio 
industry in as many weeks, fol- 
lowing a A$L51m purchase by 
the recently listed Hoyts Media 
of "t"* radio from 

Mnr fhorn Star H nlHIng n 

Hoyts retains a stake of about 
12 per cent in Wesgo, involving 
It in the company’s latest pur- 


But Hoyts appears to be pro- 
hibited from moving ftrrther up 
the Wesgo register by a federal 
government limit of 16 stations 
for any one proprietor. 


SAB offshoots raise earnings 


BY JN JONES IN JOHANNESBURG 


REAL GROWTH in consumer 
spending in South Africa aided 
interim results at two of- the 
country's leading apparel and 
household stores groups, both 
of which are quoted offshoots of 
South African Breweries. 

Edgars Stores, which sella 
clothing, footwear and foshion 
accessories, lifb. 1 turnover by 
28 per cent in the x months to 
September to B54Sm qaBBRm) 
from B423m. Pre-tax profits 
were R5&2m against R33fon. 

The directors expect Anther 
sales and profit increases in the 
second half but say that much 
depends on trading over the 
Christmas season. They add 
that mereTianritw «tnoh> am in 


line with forward sales projec- 
tions and that bad debts have 
been reduced. 

Net MrahigK were R13-13 a 
share ■gain** Rfl.ss and the in- 
terim dividend has been lifted 
to Ra20 from B2.1& Last year's 
total earnings were B1&95 cents 
and the year's dividend was R8. 

Amd, a furniture and foot- 
- wear retailer, Benefited from 
stricter asset management and 
lower interest rates in the same 
six months. Turnover rose to 
231L4m from R293.5m. al- 
though the figures are not strict- 
ly comparable as the Uniewin- 
kels chain was sold at die end of 
Mhreh. 

The interim, pre-tax profit 


more than doubled to KlXWin, 
from B5.97m- . 

The directors are encouraged 
by the return of real sales 
growth in the Aunifure sector, 
where sales were helped by 
lower interest rates. The foot-1 
wear division returned to prof- 
its. 

Sales are expected to confinH 
ne growing In the s e cond half) 
but at a slower rate than in the; 
first half 1 

First-half net earnings rose to 
70 cents a share from 34 cents 
and the dividend has* 

been lifted to 25 cents from 11 
cents- Last year’s total earnings 
were 154 eeots and the year's 
dividend was 51 cents. 


Uriflg Leadinglsi^igrcriipfHrthef flfcteH? 


*BY JUDITH MAJLTZM JERUSALEM 


KOOR, Israel's leadingindnstyi- 
al gro up , has re porte d record 
losses of ShkMm (gS9m) for the 
first six months of the year, a 
sharp increase over the $13m 
loss registered in the same pert- 
od of 1986. 

.The ..deterioration in the 
group’s performance was attri- 
buted toliigher financing costa, 
wage increases imposed by the 
country's labour federation and 
losses suffered by key subsid- 


TVtaOMO» 
months ago following severe fi- 
nancial difficulties. 

-Tadiran, another subsidiary 
which wnfcwi civilian and wili- 
tary electronics, finished the 
first half year in the red, 
ing previous forecasts by losing 
close to 25m. 

Koor recently announced its 
Intention to shed part of its 
shareholding in this trembled 
company. 

Mr Shevach Ophir, Koor fi- 
nancial director, said yesterday 


EfigfZZSSSfgSE: 

ders from the Israeli Defence pij^ t mirrored that of Israeli 


Ministzy. 

Soltam, a unit which was once 
a leading manufectnrer of arms 
and a mmuni tion, was farced to 
dose down temporarily several 


industry as a whole. 

The company's operational 
performance,- by contrast, 
showed an improvement, with 
total sales up by 5 per cent to 


'0 MJOWOOTS HUQ YS \ -a 
ShkLRbn, thanks wwueiy to a 25 
per cent jump in exports. 
Overseas sales have tradition- 
aRy accounted fbr about a third 
of Kook's total turnover. 

Mr Ophir said that, as part of 
a wide-ranging rec over y pro- 
gramme adopted six month* 
ago, Koor would dose down ad- 
ditional plants which "have no 
chance," while slightly expand- 
ing the Oper ations of its more 
profitable enterprises. 

He for*** * ** group. It- 

self a subsidiary of Hevrat 
Ha'ovdim, the labour federa- 
tion-owned holding company, 
would break even In the sec o nd 
half of the year, but would not 
begin to show net profits until 


Asea Aktiebolag 
Vasterhs, Sweden 

NOTICE IS HEREBY GIVEN that an Extraonftiaiy 
Shareholders* Meeting wil be held In VSstar&s in the 
BeJIevuehallen, Vasagat an 60, V&ster&s, 
at 1030 am, Wednesday, November 11, 1967. 
ITEMS 

The agenda will include proposals 
from the Board of Directors concer- 
ning 

a) approval of the intended merger 
between the Asea and BBC groups 

. of companies; 

b) amendment of §2 of the Articles of 
Association of the company mainly 
to the effect that it comp6e3 with 
the reqioiement of the Sweetish 
government that the company 

■ maintain a 50 percent interest In 
- the Swiss parent company to be 
estabfished for the new Asea 
Brown Boveri group of companies. 

A memorandum conoemihgflieinteh' 
dsdmergerwiRbesenttolhesharB- 
hotders by post at the end of October. 

PROXY 

At the Meeting everyone entitled to 
vote may do so for. the M number of 
shares he owns orforwNch he has the 
right to vote as the representative on 
behatiof the owner or owners. 

NOT1RCATION 

Shareholders wishing to participate in 
the Meeting must be recorded in #» 

Share Register rrauntasied by V&de- 
papperscentraten VPC AB (Swedish ‘ 

Securities Register Centra) no later 


than Friday, October 30, 1987 and 
must also notify the Board of 
Directors, either in writing under the 
address Asea AB, Corporate Staff for 
General Counsel, S-721 83 VSsterfts. 
Sweden orbytelephone j0)21 -10 54 00, 
no later tiian 12^)0 noon, Friday, 
November 6, 1987. 

Shareholdera whose shares are held in 
trust by banks or other trustees nrwst 
temporarily reregister the shares in 
their own names no later than Friday, 
October 30.1987, to order to be eTi£p- 
bteto participate to the Meeting. 

After the Meeting a fitoi on the BBC 
greup-wS be shown. Further, funch will 
be seived in the BefievuehaJien at a 
pride of SBC 50,-. Detafled infor- 
mation coocemtog these arrang- 
ementaas weU as perking directions 
wft be giveh on the admission cards 

whfch wffl be sent to afl shareholders 
who have announced their totention to 
participate in^ the Meeting- in accor- 
dance with the above. . 

Shareholders who wish*) participate . 
in the lunch muBt specificaly mention 
thb to conne ction wi th the i r respective 
notice fbr participating in the Meeting. 

VSsterSs, October 1987 

BY ORDER OFTHE BOARD 



Ariadne plans 
to resume 
Renouf control 


By Our 


Staff 


ARIADNE Anatnlla, the Bris- 
bane tuvestment group kended 
by Mr Brace Judge, is ts re- 
sume rautrol of New Zealand's 
W iwiwf ru ra n rat liin after wbat 
it described as the failure to 
•Main settlement ef share 
transactieus with heth the 
compeuy and Sir Ikuueis Eew- 
nt who at e yped d e w this 


The Ariadne holding iu Rea-’ 
ewf has varied wlddy this year’ 
amid a eNaplex series ef deals, 
end is currently gut at Jut 
ever 19 percent. 

Mr Judge, whe had been 
sa me af the stake to 
his own private Inti mail, new 
plana to inject foil ownership 
.•fRenohfiitto Ariadne.-- • 

Mr Limy Adtech FAftfasur- 


Ariadne for about NZfl74at 
(UMULfo)^ retaining a put 
eptian which Mr Judge said 
weald new he exercised. 

The value ef the holding has 
dace m ere than halved, with 
Eenauf iharee trading around 
NZfLSa. 

with a NZ$3 
share price both for the 
agreement 
Wfch for Francis, also In Sep- 
under which he and 
n to buy hack a 
7.7 per cent. The 

latter deal ' 


! S. 


' • Australian Guarantee Cur- 
pofatfen, a finance company 
three quarters owned by West- 
hue Ranking, lifted net profit 
In the year to September by AS 
per eent to A$ 122.4m 
(U8$8S.«m). This was before 
extraordinary profits - 
Ifttln against losses ef 
AfMiTni - which it said were 
net Ukady to recur. 

• Cearmen wealth Banking: 
foe Auatralian state-owned 

Wlwn tm KuVIlMfi uotet 
a foil in ari profits to A$197JBm 
in the year to Jnne. from 
n. Previsiens nr bad 
deoMfol debts Jump ed to 
A$119.1m from A$41.7m. Net 
to A$43A9bn from 


KUBOPCAM ECU HUMIC COMMUHTTY 
ECO SMMXXUMO 

WitfB Mi Nitu Dm 1W 


fbr On period October 30 1SB7 to 
Jamary 29. 198? the boms will cany an 
interest rata of 7U% per aanom with an 
interest amount of Ecu 29333 per 
Ecn 10,000 note and of Ecu 2.93S33 per 
Ecu 200^X)0 note. 

Tbo reiewant Merest payment dato will be 
January 29, 1988. - 

Banquo Paribas (Lnxeurfxnu-g) SLA. 

Agent Ba He 


Weds Fargo 
International 
Fin ancing 

CorporaiionN.V. 
U.S. $50,000,000 

Guaranteed Ftoatxng 
Rate Subonfinated Notes 
due 1996 

la accordance with the 
p ro v isions of the Notes, notice 

is hereby given thal for the 

' i nt erest Sob-period 
30th October, 1987m 
30th Nommber, 1987 
tfae Note- wiE carry an Interest 
Rate of 8% per annum. 
The Interest accrued for the 
above period and payable on 
.29th January, 1988 wiD be 
USS68JB. 

Agent Rank; 

Morgan Guaranty Trust 
Gcsqiany of New Ycxk 
Loudou 


This announcement qjpears as a matter ot record onfy September 1987 


Sbp 


IBP, inc. 


$430,000,000 

Short-Term Advance Facility 

[Unconditionally guaranteed by Occidental Petroleum Corporation} 


Agenf 


Bank of America International Limited 


Provided by 


Security Pacific Merchant Bank 
The Royal Bank of Canada 
Citicorp investment Bank 
Credit Lyonnais 


We underwrote, arranged and placed the above transaction. 




BankAmerica 
Capital Markets Group 


Bank o* America imemuionai Ummd 


This announcement appears as a matter of record onfp September 1987 


Sbp, 


IBB inc. 


$100,000,000 

Revolving Credit Facility 

Agent 


Bank of America NT&SA 

Provided by 


Bank of America NT&SA 

Chemical Bank 
Fust Bank Minneapolis 


Credit Lyonnais 

Security Pacific Merchant Bank 
The Bank of NewYbrk 

.Canadian imperial Bank of Commerce jCaManto 
MeftonBahk.N.A. 

■ Th e N orthern Truot Compaw y- 


Texas Commerce Bank. National Association 

Algemene Bank Nederland, N.V 
Banque Nationale de Paris 
Caisse Nationale de Credit Agricole 
RrsTier Bank. National Association, 

Lincoln. Natamka 

The Long-Tem> Credit Bardc of Japan, Ltd. 
Rainier National Bank 
Seattle- First National Bank 


Continental Illinois National Bank 
and Tiust Company of Chicago 
First Interstate Bank of California 

The Royal Bank of Canada 


The Bank of Nova Scotia 
Manufacturers Hanover Trust Company 
National Westminster Bank, PLC 

- S w iss Dank C or p o ia t i o n — * — — 

The Toronto-Dominion Bank 

Arab Bank Ltd. 

Banque Paribas 
DnesdnerBankAG 

The Industrial Bank of Japan, Limited, 

Los Angelas Agency 

Nonwest Bank Minneapolis. NA 
Sanwa Bank California 
W&stdeutsche Landesbank, Girozentrale 


We underwrote, arranged and placed the above transaction. 




BankAmerica 
Capital Markets Group 


Bank 0( Amend NTSSA 


This announcement appears as a matter of record onty September 19B7 




r* IBP, inc. 


$400,000,000 
Term Loan 

Ageni 


Bank of America NT&SA 

Provided by 


Bank of America NT&SA 

Chemical Bank 
First Bank Minneapolis 


Credit Lyonnais 

Security Pacific Merchant Bank 
The Bank of New York 

Canadian Imperial-Bank of Commerce (Cafifonto 

Melton Bank. N. A 

The Northern Trust Company 

1bxas Commerce Bank. National Association 

Algemene Bank Nederland, N.Y 
Banque Nationale de Paris 
Caisse Nationals de Credit Agricole 
FirsTier Bank, N ational Association. 

1 Lincoln, NbWwkl 

?a»& C ^ Bank0,J ^ Ui 

Seattle-First National Bank 


Continental Illinois National Bank 
and Trust Company of Chicago 
First Interstate Bank of California 

The Royal Bank of Canada 


The Bank of Nova Scotia 
Manufacturers Hanover Trust Company 
National Westminster Bank. PIC 
Swiss Bank Corporation 
The Taranto- Dorn in ion Sank 

Arab Bank Ltd. 

Banque Paribas 

DresdnerBankAG 

The Industrial Bank of Japan, Limited. 

Los Angeles Agency 

Newest Bank Minneapolis, N A 
Sanwa Bank California 
Westdeutsche Landesbank, Girozentrale 


Weunderwrote.ananged and placed the above transaction. 


m 


BankAmerica 
Capital Markets Group 


Bmkol Anuria NT&SA 


«!F 


t 


v 




INTERNATIONAL CAPITAL MARKETS & COMPANIES 


Financial TuntsFffJayOfcWSvr^) l*>' 


Stephen Fidler on the disadvantages of having overseas shareholders 


Wooing of foreign investors ends 


ONE CONSEQUENCE of five 
years of rising stock markets 
has been a growing Gashion 
among companies to develop a 
sizeable group of international 
shareholders. 

Early evidence, though, after 
the worldwide collapse in stock 
markets has shown that those 
companies which have suc- 
ceeded in expanding their in- 
vestor base abroad may have 
paid a price for it 

Mr Michael Howell, European 
investment strategist at Salo- 
mon Brothers says: "It's true 
that international share issues 
in the UK have fared worse over 
the last two weeks than the 
purely domestic ones." 

A broad base of foreign inves- 
tors has commonly been held to 
cany several important advan- 
tages for a company. 

It was supposed to mate capi- 
tal more freely available and 
cheaper, and to expand the 
company’s international image. 
For companies in some coun- 
tries, it helped to circumvent 
restrictive local regulations or 
the limitations imposed by a 
small domestic stock market 

The methods used to raise the 
number of foreign sharehold- 
ers, however, have not been 
without controversy, particular- 
ly in the UK 

British institutional investors 
have been fighting to preserve 
their rights of first refusal to 
new share offerings being made 
by UK companies. 

They have vigorously opposed 
new issues of shares or convert- 
ible bonds abroad, pooling 
scorn on the supposed advan- 
tages of building up a base of 
foreign shareholders and claim- 
ing that the offerings conferred 


little real advantage on compa- 
nies. 

They insinuated that such of- 
ferings, which diluted the hold* 
ings of existing shareholders, 
were little more titan the result 
of slick-talking City bankers us- 
ing their powers of persuasion 
on gullible corporate treasur- 
ers. 

They will probably believe 
their arguments have been 
borne out by the relatively poor 


in American depository re- 
ceipts (ADRs). 

The turnover of ADRs in the 
New York market was esti- 
mated at £183-5bn ($31L9bn) 
during the month of August - 
equivalent to 8.6 per cent of the 
London turnover in all domes- 
tic shares. 

For some companies, such as 
Reuters, US shareholders are 
estimated to have regularly 
been owners of more than 40 


SHARE PRICE CHANGES FOR UK-BASED COMPANIES WITH ADRs 

Price ADR trading 

Company name change (a) volume (b> 


Hanson Trust 

Glaxo 

Jaguar 

British Petroleum 
Beecham 

BAT industries 
Saatrfil & Saatchi 
imperial Chemical Industries 
Reuters 

Shell Transport 
FT All-Share 


(a) between 14/3087 and 2900/87 tb) ADR trading rotane as % d UK total who* 


performance of these interna- 
tional shares. 

Of course, it was not only 
through new share offerings 
that companies attempted to ex- 
pand their stock of overseas in- 
vestors. Roadshows to cultivate 
foreign investor interest be- 
came commonplace, and the 
practice of listing shares on for- 
eign exchanges accelerated. 

One of the most significant 
trends was the expansion in the 
number of UK companies which 
listed their shares in the US 
markets. There was also a phe- 
nomenal growth in the market 


per cent of its traded shares. 
Salomon Brothers estimates 
that over a six-month period 
this year ADR trading volume 
in Reuters shares was regularly 
running at 150 per cent of the 
UK volume. 

The businesses of some of 
these UK companies blur the 
picture somewhat 

Reuters, for example, has suf- 
fered from the perception that 
retrenchment in financial mar- 
kets will hurt its businesses. 

Glaxo’s share price was al- 
ready weakening before the 
crash, after it produced weaker 


results titan expected. Much of 
Jaguar's business is in the US, 
where its expensive cars are ex- 
pected to suffer from the effect 
the stock market fell will have 
on the pockets of the rich. 

Some analysts suggest that in 
difficult times like the present, 
foreign stocks may be the mar- 
ginal holdings for many inves- 
tors, particularly in the US, as 
they seek defensive strategies. 

Analysts speak of a siege men- 
tality among some investors in 
the US. Even though a weaken- 
ing dollar would suggest Ameri- 
can investors should be holding 
on to foreign shares, many are 
moving back within their own 
borders. 

Nobody is suggesting yet that 
the international market in 
shares is dead. For companies 
such as Hanson Trust, with a 
large amount of revenues de- 
rived from the US, there will 
still be a rationale to cultivate 
investors there. 

For others, such as Philips, 
the Dutch electronics group, or 
even perhaps British Petro- 
leum, the domestic market may 
be too small to be an effective 
source of capital. The rationale 
remains that a company’s 
shares should be in the market 
that values it most highly. 

Those in the UK who have op- 
posed equity offerings abroad 
may well feel vindicated by 
what has happened to the price 
of international issues. 

One thing is certain - that the 
collapse in share prices will 
quieten the controversy for the 
time being. The likelihood of 
there being any new interna- 
tional share offerings, by UK or 
other companies, for several 
months seems very small. 


Japanese in HK futures trading suit 


LEADING Japanese and domes- 
tic futures trading firms are 
among those being sued by 
Hong Kong Futures Guarantee 
Corporation and ICCH (Hong 
Kong) for felling to meet margin 
calls, Reuter reports from Hong 

gang. 

The writ, served against 39 
traders, showed the biggest 
claims were against Mr Lee 
Kwok Wing, a local business- 
man who runs the privately 
held Solid Futures. The claim 
was for HK$645.6m (US$82. 8m). 

Claims against Japanese 
firms included Bonsar for 
HK$250.6m and Kobayashi (HK) 
for HK$18m. A claim for 
HK$125£m was filed against 


Mansion House Commodities. 

Five firms named in the suit 
and suspended from trading by 
the exchange on Tuesday were 
earlier reinstated. Among them 
was Chine Kit, in which Ur Ron- 
ald Li, stock exchange chair- 
man, owns a stake. 

Action has been terminated 
against it as well as Okachi In- 
ternational of Japan, Hope 
Young Commodity Company, 
Chow Sang Sang Commodities, 
and Fung Chun Yuen trading as 
Winsome Futures, all Hong 
Kong concerns. 

Hong Kong Futures Guaran- 
tee Corporation provides guar- 
antees against defaults In fu- 
tures trading. 


U received HK$4bn this week 
in support facilities from banks 
and the Government to help 
cover possible defaults. ICCH is 
the clearing house for the ex- 
change. 

• The Chicago Mercantile Ex- 
change has rejected suggestions 
that its futures and options 
trading was a factor in the stock 
market crash. 

Mr Leo Melamed, chairman of 
the CME executive committee, 
said in Washington: The Chica- 


go Mercantile Exchange Stan- 
dard & Poor's 500 futures and 
options contracts served as a 
pressure valve on Monday, Oc- 
tober 19, as well as during the 
days that followed.” 


In a statement to a House of 
Representatives commerce , 
sub-committee, he added: 'Our 
index markets provided pen- 
sion fend and other portfolio 
managers, as well as individual 
investors, a way to hedge their 
risk. 

Those who ignore economic 
conditions and world tensions 
and blame traders and trading 
techniques for the market de- 
cline are at best naive, and at 
worst irresponsible. 

*We are confident that, as in 
previous analyses, program 
trading and our markets will 
not only be exonerated, but be 
proved an essential factor in 
providing investor protections.” 


NEW ISSUE 


This announcement appears as a matter of record only. 


October, 1987 




SEINO TRANSPORTATION CO., LTD. 


(Seino Unyu KabushUd Kaisha) 


U.S.$70,000,000 


3Vs per cent. Bonds 1992 


Warrants 


to subscribe for shares of common stock of Seino Transpo r t a tion Co., Ltd. 


ISSUE PRICE: 100 PER CENT. 


Daiwa Europe Limited 


Nomura International Limited 


Tbkai International Limited 


Banque de Neuflize, Schlnmberge^ Mallet 


Cazenove & Co. 


Robert Fleming & Co. Limited 


Kleiitwort Benson Limited 


Sanwa International Limited 


The Nikko Securities Co., (Europe) Ltd- 
Baring Brothers & Co., Limited 
Dresdner Bank Aktiengesellschaft 
Fuji International Finance Limited 
Morgan Grenfell & Co. Limited 
Wako International (Europe) Limited 


Daiichi Europe Limited 


IB J International Limited 


HOKUSAI Europe limited 


Kyowa Finance International Limited 


Marusan Europe limited 


Mitsubishi Trust International Limited 


Europaper 

issues 

double 


Mitsui Finance International Limited 


Nippon Kangyo Kakumaru (Europe) Limited 
Sanyo International Limited 


New Japan Securities Europe Limited 
Okas an International (Europe) Limited 


Sumitomo Trust International Limited 


Universal (U.K.) Limited 


‘Yamaichi International (Europe) Limited 
'fematane Securities (Europe) Limited 


to $42bn 


B yAteandw Wcog, 

Euromarkets Editor 


THE AMOUNT of paper issued 
under short and mediom-term 
note facilities in the Euromar- 
kets doubled in the year to 
June to reach |43bu, according 
to figures published today by 
the Bank for International Setr 
dements. 


Based on data from Euro- 

clear. the Brussels-based 

clearing (system, the figures 
represent the first authorita- 
tive estimate of the amount of 
paper actually in Issue. 


Figures are compiled for the 
size of progr amm es arranged 
but give no clue to the extent 
to which they ire drawn. The 
figures include paper issued 
under na m- mini paper pro- 
grammes, underwritten Eu- 
ronote facilities and medium- 
- term note programmes. 


The rapid growth of the 
short-term Euromarkets is un- 
derlined by the BIS comment 
that the gSlbn 12-month ex- 
pansion is only slightly less 

than 60 per cent of the Increase 
recorded over the same period 
In the umdi larger US com- 
mercial paper market. 


Uncertainty about interest 
rates had contributed to the 
growth, with investors increas- 
ingly seeking short-term as- 
sets, the BIS said. 

A growing amount of 
short-term Europaper is in 
very short maturities of be- 
tween three weeks and a 
month, reflecting growing in- 
tegration with the US market. 

Another sector to show 
healfey growth - in this case 
continuing a recovery fr om the 
doldrums - is syndicated lend- 
ing- 

New credits totalled S35.1bn 
In the first half of 1987, com- 
pared with $2t£bn in the pre- 
vious six months. 

The BIS odd this was partly 
due to the virtual closure of 
the flouting rate note market. 

"In addition, many firms had 
recourse to the syndicated loan 
market for precautionary rea- 
sons and, in some instances, as 
a fallback from the interna- 
tional bond market when is- 
suing conditions became diffi- 
cult owing to a deterioration in 
their credit standing.” 

The BIB estimated that net 
new bank and bond financing 
rose 91Wbn in the first half, a 
much larger Increase than the 
81001m and $X45bn in the first 
and second halves of 1986 re- 
spectively. . • . 

This was attributed partly to 
a high level of new hunk lend- 
ing, and partly due to reduced 
overlapping between bunk and 
bond financing This was be- 
cause hanks bought less secu- 
rities following the collapse of 
the FRN market and the rise In 
interest rates. 

Net of redemptions and re- 
purchases, bond financing ex- 
panded by $70bn. 

Though international bond 
financing declined during the 
first half to a gross tlOSJbn, 
compared with $220.7bn In the 
whole of 2886, the BIB noted a 
big increase in the amount of 
fixed rate bonds subject to in- 
terest rate and currency ; 


These rose to fiMbninfre 
first half, compared with 
929.71m in the whole of 1986. 
Yen, US and Australian dollar 
i ssues were especially swap- 
driven. 


Malaysian bank 
returns to 


black for year 


BANK BUMEPUTRA, one of 
Malaysia’s two largest banks, 
returned to profits in the year 
to March for the first time 
since it was bailed out in 1983 
by Fetronas, the state oil com- 
pany, Beater repo r t s from Ku*. 
ala Lumpur. 


Net profits were 5.7m ringgit 
(USfZJETm) compared with net 
losses of 277.7m ringgit. Hr 
Basir Ismail, fee chairman, at- 
tributed the performance to 
cute in costs as well as im- 
proved earutags from treasury, 
banking, and loan operations. 

" Nev e r t h eless, a key c on cern 
remains - the quality level of 
our lean portfolio. We have ad- 
dressed tills problem directly 
and, in seme cases, forcefully,* 
he added. 


He said the g nmp turn had 
assets of 18.1Sbn ringgit 
against 16.7bn ringgit. In the 
next few yean it meets to re-, 
cover accumulated losses of 
80Lta ringgit 

The bank was near collapse 
in 1982 when Bmniputra Bar! 
laysia Finance, its Bang Kbugl 
subsidiary, Incurred a loan! 
Ion of &5bn ringgit to the 1 
now-defrntet Cardan group. It 
recently Issued a long-term 
loan stock of 456m ringgit to 
Fetro na s to Improve Its capital 
adequacy ratio to 6J6 from tm- 


Tbe bank has 118 brandies 
throughout Malaysia and will 
concentrate its fetnra lending 
in growth sectors such as man- 
ufacturing, agriculture and 
tourism, Mr Basir said. 

Next year it Is to start a secu- 
rities trading unit, 
from Its existing commercial 
and merchant dis- 

count house, finance company 
and leasing operations. 


Non-dollar prices rally as 
US unit remains weak 


BY CLARE PEARSON 


NON-DOLLAR bond prices ral- 
lied strongly yesterday after the 
dollar had hit new post-war 
lows against the yen. 

The dollar remained weak 
■through most of European trad- 
ing time, despite signals of an 
easing in monetary policy 
among US trading partners and 
•central bank Intervention to 
support the currency. 

Dealers said the foreign ex- 
change markets seemed deter- 
mined to push the dollar lower, 
and were using central bank 
buying as an opportunity to 
open up short positions. 

However, dollar bonds gained 
some support late in the day fol- 
lowing the Federal Reserve's 
move to buy the dollar at 
around DM1.72. and a statement 
by Mr James Baker, US Trea- 


entsted investors were moving 
in to pick np bonds that had be- 
come anomalously cheap dur- 
ing the long period when the 
Euroyen sector wax oat of fa- 
vour. Overall, borate yielding 5 

percent and above were In most 

demand. 

The weaker dollar and cheap- 
er D-Mark mosey rates spurred 
a strong rally in fee D-Mark do- 


A £30 ta five-year iasne /or 

McBeatald’f Carparstfe* 

KnchS on Wednesday «** 

Manque Paribas Capitol I 
keti aimed to take ®- 

the strength of European 
markets with an 
for the Europe an Inyrstawat 
Bank. This was the fir?- Ecu 
bond for around a month. 


INTERNATIONAL 


a BONDS * 


suxy Secretary, that Washington 
supported the Louvre accord. 


supported the Louvre accord. 

Price falls in US Treasury 
bonds were not reflected la the 
Eurodollar bond market, which 
saw very low turnover. So, with 
prices virtually unchanged on 
the day, yield margins over the 
US Treasury bond yield curve 
narrowed slightly after having 
widened steadily over the last 
fortnight 

One dealer said small orders 


mestic bond market, where 
prices rose by up to DM1.00. The 
average yield fell to &20 per 
cent. 

Euro-DM bond prices rose by 
around one point, with suprana- 
tional issues in most demand. 


For instance, a 10-year 6% per 
cent issue for the Wax-Id Bank 
rose by 1.40 points to yield &40 
per cent. This came as DG Bank 
announced a DM290m Wt per 


cent six-year P ri v a te placement 
for the World Bank, priced at 


from US investors, attracted by 
the wide yields spreads avail- 
able on Eurodollar bonds, were 
beginning to come through. But 
interoieaier activity remained 
substantially down on normal 
levels. 

Euroyen bonds, on the other 
hand, were actively traded and 
achieved price rises of around 
one point at the longer end, 
reflecting retail demand as well 
as professional mark-ups. 

Dealers said that trading-orl- 


for the World BanH priewd at 

100*. ■ 

The sterling bend markets 
were awaiting a V& point cut in 
bank base tending rates, to 
steady the equity market if the 
Government decided to go 
ahead with the £7Jfen British 
Petroleum share issue. 

But though no cut emerged, 
mlts still closed amrad % point 
higher in the 10-year area, and 
Eurosterling bonds of the same 
maturity around Ik higher. 

Dealers said a Mi point reduc- 
tion in base rates was already 
discounted in bond prices, but 
they believed that UK Interest 
rates could fall still further. 


Th* bond carried s 10-?caf 
maturity, which looted hkc.y o 
be unpopular with European ifl' 
vestoraBni Paribas said the 
per cent bond, priced at 
had been priced cheaply re st- 
rive to comparable issues -- — - 
secondary market. 

The bond, which fenturM a 
purchase fend during the f»r« 
ferce years, was quoted al »*>» » 
bid. the level of ns fell fee - . 

The Australian bond market 
came under heavy press urv -f 
ter the currency had fcff 
lows on concern* over the p- 
pli cat ions of world deflation :or 
Australia's commodity bs-rd 
economy. 

This pushed yields on Aw'tr** 
ltan dollar bonds, which were 
yielding around 13 per cent a 
few weeks ago. as high fl* L'-'a 


per cent A recent li'te prr cent 
bond for Deutsche Bank Austra- 
lia was bid at less to a 
yield of 14.83 per cent 
Swiss franc foreign bond 


prices ro« by about point m 
busy trading. Credit 5m? se cn 
trounced a SFrlSOm fi*c-v»:ar 
4% per cent bond for the Repub- 


lic Austria, priced at par 
Union Bank of Swiizcriar.d 
led a SFrlSOm six-year 5fca per 
cent bond for Bell Canada, alw 
priced at par. 


Taiwan moves to rejuvenate equities 


TAIWAN is to allow brokerage 
bouses to buy shares in domes- 
tic mutual fends with their own 
capital and is to double to six 
months the period for investors 
to repay margin loans, Beater 
reports Cram ThipeL 

The moves represent forther 
attempts to re vive the country's 
flagging stock market, 

Mr Shen Fe-ling, chairman of 


the Securities and Exchange 
Commission, said the measures 
had been put into effect imme- 
diately. 


The (tends are raised locally 
fay four closed-end trust compa- 
nies, which invest the money on 
the local stock ma r ke t. 

In a similar move on Monday, 
the Finance Ministry permitted 
a 10 percentage point increase 


in margin loans, allowed local 
banks to buy stocks and light- 
ened the maximum spread of 
share price quotes to 3 per cent, 
from S percent. 

Market analysts said they 
doubted whether the measures 
could restore Investors' confi- 
dence. Despite it* relative iso- 
lation, the market has suffered 
badly during the collapse in 
world equity values. 


FT INTERNATIONAL BOND SERVICE 


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: Financial Tunes Friday October JO 1987 

TECHNOLOGY 


HE MEMBER firms of the London Stock Exchange have 
had a yeadrof technological triumph and trauma. Now 
they face an extended period ofcnange and consolida- 
tion as systems hastily cobbled together to meet Big 
Bang deadlines are upgraded or replaced. 


Computer systems of Stock Exchange firms face a long period of upgrading and replacement, reports Alan Cane 

- proved reliable and resilient 


proved reliable and resilient 
and each of the consortium 
n huilt its own roe* 










m 


mm 


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rfai X 




Mx 


mm 

m 


1$ 


DOES YOUR 
TRADING SYSTEM 
STOP IF YOUR 
COMPUTER FAILS? 


Uriii 


FAULT TOLERANT COMPUTERS 

01-2488383 


f 


.The consequences .were pre- 
dictable and have been -well 

E blidsed. Host firms' front of- 
e systems have been able to 
cope, however shakily, with the 
substantially increased trading 
volumes. Settlement has been a 
nightmare and last week the Ex- 
change implemented its threat 
to fine firms with old bargains 
left unsettled. 

. Perhaps the most significant 
change in the City over the past 
year.Tiowever, has been a new 
maturity among member firms 
regarding the use of technology. 


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■computer and 


and are starting to question the 


facilities they have available to them 



Opening 
the door 
to warmer 
premises 

ByCfaMffrayCtwrtMi 

AN IMPROVED formef heated 
air curtain has been designee 
by Shearflow Phoenix of Lon- 
don. Such curtains are particu- 
larly useful in Industrial and 
commercial premises where 
h eal is lost through doors be- 
ing open or in constant use. 

Erected over, under or to one 
aide of a door space, the system 
sends a curtain of air across 
the opening. This curtain re- 
pels cold air trying to enter the 

building. 

The Shearflow equipment 
uses the latest technology of 
direct natural gas firing to 
heat the curtain, which Is gen- 
erated by low-noise, high-pres- 
sure fans. 


Locking out the 
computer snoopers 

PEOPLE who worry about eth- 
ers snooping on information 
held In their computers may be 
helped by Kcymaster, a £975 
encryption derice sold by Blas- 
ter Systems, a company In 
Britain's Cray Electronics 
group. 

The device guarantees the 
security of the data-comnumi- 
cations traffic by making sure 
a person keys in a special pass- 
word. Only machines with the 
correct password identifica- 
tion are allowed to send mes- 
sages and only these with a 
similar designation can re- 
ceive them. 


Live wire area of vehicle design 


BY JOHN GRIFFITHS 

THE NUMBER of electronic systems fitted to . 
cars and trucks will increase nearly ten-fold to 
100m in 1905 and to 200m by the turn of the 
century, -according to consultants BIS Mackin- 
tosh. 

The forecast is contained in a $19,500 report 
on the- future for vehicle electronics*, which 
also says that the car of the mid-1990s on aver- 
age will be fitted with between 50 and 60 sen- 
sors. 

; Last, year some 12m systems .were in use in 
Vehicles, u&ortUug’to Bf&Mrt9rffct0^l»N* of* 
the Sllbn-a-year-tumover NYNEX group or- 

the US.’ • . .TV . . C: ’ !. - r- ;■ --S • * . 1 

i. iri-.-j.-nii 

Although competition to supply this flowing ’ 
umxketris already intense, "there axe still some 
important niches to be exploited by systems 


suppliers/ claims the report The market for 
integrated circuits, sensors and other ele- 
ments of such systems remains open, the re- 
port concludes. 

Overall, electronics will make up around 17 
per cent of a vehicle’s, cost in ten years’ time, 
compared with 3 per cent now. It predicts. 

About half Urn systems currently in use are 
for engine management, in which parameters 
such as ignition timin g and ffcel injection du- 
. ration are controlled by electronic "maps’. But 

H8S£& 

.widespread (see chart). .. 

- ^AMUnriqtxoe -Electronics'', Big ATdclcmtash, 

l*Gi 

4-volume report and mpara service. Coverage: 

. US , japan and Europe. 919,300. 


the electronics company 

s 






f : Engfna manag omani 
I I Door tockmflr 

100%-1 n ******??* 


VEHICLE ELECTRONICS 

SSS Systems penetration - US 


Onboard daanostlcs 

B Shock damping 

| Cfimale control 
« I Hinitid l 





Price/performance 
solutions through 
advanced technology 

For many years Gould has 
been carving out an impres- 
sive reputation as a leading 
and innovative international 
supplier of computers and 
advanced electronics. Our 
products and systems are 
manufactured, marketed and 
serviced worldwide. 

Whether it’s super mini- 
computers or mini 
supercomputers, advanced 
industrial automation 
systems or innovative test 
and measurement instruments, 
interconnect materials or 
semiconductors, you can be 
sure that every Gould product 
is designed with our customers 
in mind. 

Our role is not only to help 
identify your needs, but to 
apply the technology that 
provides the most efficient 
solutions. 

So, if your requirements 
include help in information 
processing, automation or 
data acquisition and verifica- 
tion, you’ll appreciate the 
price/performance solutions 
that our people and systems 
can provide. 

For more information, write to: 
Gould Electronics Limited, 
Gould House, Viables Estate, 
Basingstoke, Hants, 

England RG224LT 

Gould: Making its mark in 
industrial automation , 
information systems, test and 
measurement instruments, and 
materials & semiconductors. 


■> GOULD 

Electronics 












v 


Financial Times Friday October 30 i$B? 


SHARES SUP DESPITE RECORD PROFITS 


ICI rises to £3 13m in third quarter 


BYFHKKJTAU 

Imperial Chemical Industries, 
Britain's largest manufac turing 
company and often taken as a 
bellwether far industry general- 
ly, yesterday unveiled a record 
third quarter profit of£313m be- 
fore tax 

But although that t yke s the 
pre-tax total for the sine 
months to end-September to 
£L,0004m - slap in line with most 
analysts' estimates and well up 
On the equivalent £728m in the 
first three quarters of 19B8 - the 
news could not stop 1C1 shares 
Slipping a further 24p to 990p 
yesterday, as the market con- 
templated the impact of the fall- 
ing dollar and US recession on 
1988 earnings- Ahead of the cur- 
rent market collapse. Id was 
trading at over £UL 

iCTs third quarter profits fig- 
ure compared with £296m in the 
same period of 1988 - a 22 per 
cent improvment The company 
traditionally sees a seasonal 
slowdown over the summerholi- 
day period and this time reports 


a 4 per cent volume decrease, 
partially offset by a 1 per cent 
increase in selling prices (in lo- 
cal currencies). 

Over the nine month period, 
group profits are now 38 per 
cent up on the previous year, 
with sales 11 per cent higher at 
£&29bn. Organic sales volume 
has risen by 8 per cent, says the 
company, with acquistions 
(principally US paints business, 
(Hidden) adding another 5 per 
cent volume Improvement Sell- 
ing prices have been some l per 
cent lower on average than in 
the first nine montits of 1986, 
and currency movements knock- 
ed a farther 1 per cent off the 
sterling sales figure. 

No break-down in the figures 
is given at the third quarter 
stage. However, ICI reports a 
generally encouraging - if unre- 
markable - picture for virtually 
all divisions. On the consumer 
side, pharmaceuticals saw con- 
tinued volume growth, in partic- 
ular in Japan - now a larger 


market for the company than 
Bri tain - and the US, while the 
paint buisness advanced in 
both Europe and the States. On 
the industrial front, raw materi- 
als prices moved a little higher 
but the company says the edging 
up of selling prices protected 
margins. One problem spot, fer- 
tilisers. remains; however, the 
company takes comfort from 
some anti-dumping action and 
says the business is broadly 
breaking-even. 

Meanwhile, good progress is 
reported on the integration of 
the Stauffer agrochemicals 
business. Following disposals 
of Stauffer’s basic chemical in- 
terests to Rhone-Poulenc over 
the summer and the speciality 
chemicals side to Akzo, ICI still 
predicts a 30 per cent gearing 
level by the year-end. 

The tax charge for the first 
nine months is £390m - the com- 
pany expects a 35 per cent UK 
tax rate for the year - leaving 
net attributable profits of 


UK COMPANY NEWS 


Minorco 
lifts Gold 
Fields stake 
to 28.4% 


AB Foods clarifies statement 


BY CLAY HARRIS 

Associated British Foods, 
mounting a cash offer valuing 
S&W Berisford at £767m, last 
night issued a statement spell- 
ing out precisely when each of 
its quarry’s directors had 
joined the group and been ap- 
pointed to the board. 

The clarification, issued at 
the request of the Takeover 
Panel, followed a statement in 
ABF’s offer document that Ber- 


isford’s board 'comprises essen- 
tially the same team as has been 
in place for the past five years.' 

It marked the beginning of the 
final week of skirmishing be- 
fore the first closing date of the 
bid next Thursday. Berisford to- 
day will publish its defence 
document, in which it plans to 
"point out other misleading 
statements." 

Last night’s ABF announce- 


ment, which Berisford de- 
scribed as a retraction, con- 
cluded: “Eight of the 12 present 
members of the board have 
been appointed since 1985. Of 
the nine executive directors, 
five have been appointed since * 
1985. one of which was company 
secretary before appointment” 
Berisford shares closed Ip 
lower at 370p, compared with 
ABF’s 400p cash bid. 


COMPANY NEWS IN BRIEF 


LONDON SECURITIES has ac- 
quired a 30 per stake in Fruit 
and Produce Export Company 
of New Zealand. Consideration 
for the acquisition is NZ$1. 06m 
(£404,000) and in addition it has 
made a loan of NZ$885,000 to 
Fruit & Produce which is repay- 
able on September 30 1988 bear- 
ing interest at 15 per cent per 

rninnm. 

ASSOCIATED PAPER Indus- 
tries is to sell to bis Group the 
capital of Airpel Filtration. The 
initial consideration including 
repayment of inter-group in- 
debtedness is £825^)00 cash. A 
ftuther sum not exceeding 
£275,000 cash will be payable 
related to the performance of 
AF in the 12 months to October 

1198a 

MMT COMPUTING s Initial 
consideration for the acquisi- 


tion of RTL Software Services 
amounts to £175,000 and will be 
satisfied by the issue of 35,426 
shares in MMT. Further consid- 
eration of shares in MMT with a 
value of up to £208.333 may be 
payable based on profits of RTL 
for the year to August 31 1988, 
and shares in MMT with a value 
of up to £350,000 based on RTL 
profits far the year to August 31 
1989. 

STOT M ERT A PITT proposes 
to cancel all the issued 5 per 
cent cumulative £1 preference 
shares. In return the company 
proposes to pay 114_5p in cash 
for each share. The repayment 
includes 14J>p to take account 
of arrears of dividend since the 
last payment on July 1 1986. 

WILLS GROUP: Bid by Aus- 
tralian Investors Corporation 
has been declared uncondition- 


al after receiving acceptances 
which boosted its holding to 
57.2 per cent. It also has market 
purchases of 7.5 per cent await- 
ing delivery. AIC intends to re- 
tain Wills’ quotation and has 
made arrangements to place 
shares which lift its holding 
above 60 per cent. 

ALBERT MARTIN Holdings 1 ! 
£536m rights issue has been! 
spurned fay its shareholders.' 
They took up only 1441 per cent 
of the 3.7m sew shares on offer- 
at 145p apiece, well above thei 
price of the company’s shares - 
subsequent to the downturn in 
the market. 

WESTMINISTER and Country 
Properties yesterday requested 
a temporary suspension of its" 
listing pending an announce- 
ment. - 


£58Qm and earnings per share of 
87p <66L8p). The company itself 
wes taking a cautious line on 
the current stockmarket tax- 
moil. saying that the impact os- 
trade of the current unsettled 
conditions in the financial and : 
foreign exchange markets can-; 
not yet be assesed” and stres- 
singthat certain parts of its 
business - pharmaceuticals or! 
agrochemicals for example -are ; 
not a forefront of recession-vul - 1 
suable industries. 

Analysts, too. remain uncer- 
tain as to the damage which a 
weakening dollar and the pro- 
spective US downturn will in- 
flict; mound one-quarter of 
ICTs profits derive from the US,' 
and ahead of the current tor- 
moil around 12 per cent of its- 
s hares were held in the Stales, i 
Estimates for 1988 vary consid- 
erably, but BZW, far example,, 
was sticking to its 1987 forecast 
of £L32bn pre-tax 

See Lex 


Stake raised 
in Royal Ins. 

By Nick Bunker 

Jemet Proprietary, one of the 
vehicles of Hr John Spalvins, 
the Australian investor, has in- 
creased to 6.05 percent its stake 
in Royal Insurance, it emerged 
yesterday. 

Royal, the biggest UK-based 
non-Ufe insurer, said that Jomet 
Proprietary now had an interest 
in 28.7m shares. Jomet is owned 
by the Australian group Ade- ! 
laide Steamship and associate . 
companies. Mr Spalvins is Ad- 
steam’s chairman. 

Royal’s share price closed up 
13p at 393p last mghL 


Alfred Walker wins 
AspinaD Holdings 

The £90m agreed bid by Alfred 
Walker- a former Birmingham 
housebuilding company now 
being tuned into a properly 
and leisure group by former 
Pleasurama chief, Mr George 
M»r«n _ for ksnyfatr cnnino op- 
erator Aspinall Holdings, has 
been declared unconditional. 

The offer had the backing of 
Sir James Goldsmith, interna- 
tional financier, and Mr John' 
Aspinall, zoo owner, who to- 
gether held 76£ per cent of As- 
pinalTs shares. Acceptances 
have now been received in re- 
spect of 50.1m shares or 96.4 per 
cent of Aspinall’s equity. 


By day Harris 

Minor ca, the Berm nda -eeg ia- 
tend company can trailed by 
South Africa's Anglo Ameri- 
can Cor porati on, has raised its 
stake is Consolidated Gold 
Fields, the mining finance 
boose, from TJS per cant to 
284 per cent by using at least 
part of Its dividend paym e nts 
to bqjr 1 st shares in the stock 

M--A. 

marsn. 

Minorco normally elects for 
Gold Fields’ scrip alterative 
In order at least to main tain its 
proportionate holding. 

However, because the share 
basis for the final dividend, 
due to be paid on December 2, 
was set at abont £14 before the 
stock market crash, Minorco 
decided this time to take the 
cash ami bay shares in the 


Thamvwuncarmntappeeamatntmratmeonianly 



..M.jmiv, wu Lucre 

was Tgood commercial logic” for 
* merger with Ttanstsll (imp, 
the se cu rity e quipm ent compa- 

But Mr Paul Stonor, chain- 
fold shareholders at the 
tl meeting yesterday that 
Ttnatall - which has taken a 49 
per cent ***** in Sound Diflfa- 
rioir and made merger over- 
taxes ~ would have to include a 
isuhstaatial cash element in any 
'oner. He said fhe company 
untight well receive an approach 
man another quarter. . 

Mr Stonor had been expecting 
trouble at the meeting, follow- 
ing the coapsnyUr failure to 
meet its profits forecast last 
year after a dispute over ac- 
counting policies with Ernst & 
Whinney, its auditor. 

There may be orchestrated 
efforts to disrupt foe meeting,” 
he said, adding that he would 


1VUI. ill IMG GVGIMv Ui* 

shareholders, who claim the 
■support of 27 per cent of the 
•company’s equity, adopted a 
low profile. Some said after the 
meeting that they wanted Mr 
Stonor replaced, bat were hope- 
ful of a takeover and did not 
want to jeopardise it 

Of the two hundred or so 
shareholders attending the 
meeting in Brighton Centre, 
most seemed to rapport the 
board. One of them, Mr Freder- 
ick Canity, a retired accoun- 
tant, received loud applause 
whan he told Mr Stonor he 
should not accept any takeover 
bid* "Yon should fight them 
off" be said. 

Sound Diffusion’s troubles re- 
sult from a di agreement with 
Ernst & Whinuey about when 
gross profits from leases should 
be recognised. It had predicted 
pre-tax profits last year of £10m 


figures for the year shower 

pre-tax profits cf £5 67m. 

Following the disagrormr-n!- 
Ernst & tffciray has 
and is being replaced as auditor 
by Arthur Young Sinner 
said it was not possible to say 
how Young would view bourn 
diffusion’s opinions on accocet- 
ing policies. 

-New sales arc below tare**t 
land it would be irresponsible of 
‘me to premise any profilf* 
growth in 1887 ’ But, given a pe- 
riod of stability, he had no 
doubt that ihe company trsrj.c 
quickly return to a h:gh rate >ji 
growth. 

After the meetinE, Sir Msfha*. 
Dawson, Tunrtall cha:rft^jn. 
said he was hoping Sound D« le- 
sion could provide information 
which Tunstnll is seeking on the 
company within the next few 
days. 


Arenson surges 71% to £1.3m 



TVE SIGN OF COURTESY 


Queens Moat Houses 

PLC 


£300,000,000 
Multiple-Option Facility 


Arranged by 

National Westminster Bank PLC 


Underwrittenby 

National Westminster Bank Group 
Barclays Bank Group 

Amsterdam-Rotterdam Bank N.V. Commerzbank Aktiengesellschaft 

London Branch 

Credit Lyonnais Uoyds Bank Group 

Swiss Volksbank TSB England & Wales pic 


ter receiving acceptances; 
which beosted Its holding to, 
MS per cent of ERIC. 


BY DONA THOMPSON 

Arenson Group, St Albans- 
based manufacturer and dis- 
tributor of office farniture, yes- 
terday reported a 71 per cent 
rise in annual profits and »,m . 

ings per share o5 per cent stron- 
ger. 

Pre-tax profits for the 12 
months to July 31, 1987, were 
CL 28m, compared with £7514700 
foe p revio us year. Earnings in- 
creased from &05p to 9-97p>. 

Turnover rose 27 per cent 
from £25. 74m tof lfluMm, the ma- 
jority -80 per cent -coming from 
the manufacturing side. From 
its 2304)00 sq ft factory in St Al- 
bans, Arenson makes tradition- 
al office farniture under its 
President mi—* and 

systems farniture, flexible units 
far free-standing or linked work 
stations which accommodate 
power, computer and telecom- 
munications sockets, under the 
Generis label 

"The market far systems furni- 
ture has gr ow n considerably in 
the last few yean," said chair- 
man Archy Arenson. who found- 
ed the company in 2952. 

From a 1961 start and some 
not inconsiderable teething 
problems - "the computer manu- 
facturers were cagey about re- 
vealing information which 
made tt hard for us to design the 
desks to take them" - Genesis 
now represents 66 per cent of 
the manufacturing sales, up 
from 45 percent last year. Mar- 
gins farniture are 

about 2 to 3 per CMC better than 
on traditional lines, according 
to Hr Arenson. . ' 

■ Ttnf co«apa i > 
the Woodstock wholesale distri- 
bution company, contributes 20 



Mr Archy Arenaon, chairman 
"Systems farniture market 
has grown censUesably" 

per cent of turnover. 

Having started as a manufac- 
turer of kitchen and dining 
room furniture, Arenson 
branched out into office forni- 
tnre in 1962. It disposed of a 
loss-making bedroom farniture 
business in December 1984 and 
got out of domestic farniture al- 
together in 1966. 

"We decided to conce ntr ate 
on office farniture, the business 
we understand and know best," 
said Hr Arenson. He shifted 


cent a year in the pari five 
years. 

Arenson has no borrowing 
awd cash in hand- "Our or- 
der book is 65 per cent strocscr 
than this time lari year and Z he 
lieve there is organic growth 
still to come for two or throe 
years on both sides of the busi- 
ness." said Hr Arenson. 

However, acquisitions arc no! 
• top priority: *1 feel confident 
with cash. I haven’t been in that 
position for a long time." 

Interest charges dropped 
from £4844)00 to £307.000 and 
tax took £54.000 against £55,000. 
A final dividend of t 35p is pro- 
posed. making L9? for the 
year. 

•comment 

Systems office farniture is a 
raring growth area. Increasing- 
ly, industry, both traditional 
and service, is computerising, 
and managements, having 
griped then approved a hefty 
outlay in- desktop technology, 
are not quibbling over foe desks 
to carry their investment. Aren- 
son has put a lot of effort into 
improving its product ranee 
and. equally as important, it« 
marketing, and it is starting to 
pay off Very conscious of some 
of its earlier mistakes - bed- 
room farniture. the nnntwss- 
fal attempt to act up a distribu- 
tion subsidiary fa the E S - 
Arenson is erring on the side of 


some of the nranagiMBtWf and - fflUlfatt , jffoLa bad thing in 
made a £3m investment updat- these Line*. The shares closed 
fag machinery. Arenson now Sp up at 80p yesterday. Assins- 
has a 6 to 7 per cent share of the fag pre-tax profits for this year 
UK o ffice ftunttzire marfc 0 t>' dfdMMQm. this puts them on 
Worth £300m to £300m annually, a prospective p/e of 7, very good 
foe market has grown by 10 per , value. 


• TJtisavmovricement appears as a matter of recordonly. ■ 


TRINITY 


HOUSE 


Banco di Napoli 

The Dai-lchi Kangyo Bank, Limited 

Midland Bank pic 

The Sumitomo Bank, Limited 


Credit Suisse 
Den Danske Bank 
The Sanwa Bank, Limited 
The Ikiyo Kobe Bank, Limited 


Additional Tender Parte! Members 

Credit Commercial de France 

London Bondi 

shaft Hessische Landesbank-Girozentrale 


Banque Nationale de Paris Credit I 

London Branch 

Dresdner Bank Aktiengesellschaft Hessische Lar 

London Branch 

Westdeutsche Landesbank Girozentrale 


Agent Bank 

International Westminster Bank PLC 


October 1987 


FINANCE 

TRINITY HOUSE FINANCE pic 

guaranteed (7 

THORN EMI ph 

£100,000,000 

Standby Revolving Credit' with Hauler Panel 

STANDBY BANKS 

Algernon Bank NederiaixlN.Y,ixadoo Office Barclays Bank PLC 

National Westminster Bank PLC Amsterdam-Rotterdam Bank N.V 

The Bank ofTbkyo, Led The Chase Manhattan Bank, NJV 

Commerzbank Aktiengesellschaft, London Branch Credit Lyonnais, London Brunch 

t r. . . Deutsche Bank AkiiengeseUschaft, London Branch 

TTie Industrial Bank of Japan, Limited Klein wort Benson Limited 

Uoyds BankPLC Midland Bank pic 

The Sumitomo Bank, Limited TheTokai Bank, Limited 

TSB England & Wales pk , 

ADDITIONALTENDER PANEL BANKS 

BancaNazionalc del Lavoro, London Branch Bancodi Roma. London Branch 

Bankers Trust Company Banque Beige Limited 

Banqnelndosuez BanqueNauonaledcParUp.l.c. 

Bating Brothers & Co, Limited Creditoltaliano. London Branch 

Den Danske Bank Dresdner Bank Aktiengesellschaft. London B ra „ C H 

The First NaikuolBankof Chicago ^Weph^S 

Soriite Gen£rale, London Branch 


i — — an 

Baring Brothers &Co* limited < 

Den Danske Bank Dresdner Bank Ak 

The First National Bank erf 1 Chicago Le 

The Sanwa Bank, limited 5 

Svenska Handrishanken PLC 

FACILITY AND TENDER PANEL AGENT 
Klein wort Benson Limited 


£50ft00ft00 

Sterling Commercial Paper Programme 

DEALERS 


Barclays de Zoete Wfedd Limited Klein' wort Benson Limited Midland Montagu Commercial Paper 


ISSUE AND PAYING AGENT 
National Westminster Bank PLC 


KleinwartBenstm 

Limited 






33 



£i a 


!% * 


°gic 


? r '-ai s? 

■; r § 
: ';V^ ^ 

'^5^5 

:=^ft 

a?y v . 

••» «p>-'s5 

? : *' &4*5 

,.*■■■ -e 2** 

• 1 2 fc-s-'iW 
■*« 
Sr fc* 




1.3m 


pi?. jj, ; 

. w .. ■/?*» 

-/■iss 

- •• - ij"- 5 ph* 

'.- •• r^Vr 

r--'-iS3S 

i T ; s v!:3f"S 




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5^4 1 ^ 


Wi 


lament Times Friday October 30 1987 

Frogmore rises 
16 % and sees 


UK COMPANY NEWS 


BY PAUL CMsESERIGHT, PROPERTY CORRESPONDENT 


Frogsere Estates, the proper- 
ty investment and trading com- 
pany, yesterday an o tin ced an in- 
crease in annual pre-tax profits 
of nearly 16 per cent ana fore- 
cast an -exceptional current 
year. • 

The shares held steady 
around 258p in a property mar- 
ket .which remained uncertain. 
But they stood ata discount to a 
net asset value ofSOOp. 

Pre-tax earnings from both or- 
din ary t rading and the sale of 
investment, properties for the 
year to last June came to 
£15.44m, compared with £13. 33m 
in 1885-86. 

- The final dividend is 6.468p to 
make total payment for 1886-87 
of 8.608p, against 7.611p for the 
previous year. Earnings per 
share, excluding profits from 
the sale of investment proper- 
ties, were 29.3p. 

During the last financial year 
Frog more completed its with- 
drawal from direct housebuild- 
ing but retained an interest in 
the sector by providing land or 
fi n a n ce to joint ventures with 
other companies. 

It continued to build up its 
portfolio so that the contracted 
rent roll rose 34 per cent to 
£1 1.02m, and expanded its trad- 
ing, activities, which produced 
£2.5m of profits on a turnover of 
£16m. At the moment the com- 
pany has a stock of trading 
properties which cost around 
£15m but which meanwhile pro- 
vide rental income. 

The property investment port- 
folio has been valued at 
£128. 17m. 


Mr Dennis Cope, the chair- 
man, said that "results so far 
this year indicate that an excep- 
tional level of profit may well 
be achieved."' . . 

♦c omment 

Frogmore ' is one of the lucky 
properly companies that man- 
aged to arrange its funding 
through a rights issue and a 
bank facility before the market 
fell The equity foods heve^ re- 
duced borrowing to a modest 
£15m and a stronger revenue 
stream has been built - up 
through the purchase of office 
blocks in central London and 
the south east. This year so for 
property sales of £33m, notably 
one of £20m to New England 
Properties; have been made 
and they provide the basis- for, 
Mr Cope s exceptional .year. 
Given the rise in the rent-roll 
and a continuation of normal 
trading on the basis' that Frog- 
more has established over the 
last two years, pre-tax profits of 
£25m for 1887-88, incorporating 
foe sale of investment proper- 
ties, do not look unrealistic. 
They In turn would provide ’a 
net of around £17J5m. ■ 


Bestwood buys 


Suter lifts 
holding 
in Metal 
Closures 

BY CCA Y HARMS 


Suter, the engineering con- 
glomerate, has raised its stake 
in Metal Closures, fostenlnga 
maker, to 22JS per cent with the 
purchase ef 100,000 shares on 
Wednesday. 

Mr David Abell, Suter chair- 
man, said that the block was tf- 
feree to Us company at about a 
18 per cent discount to market 
price. The evurageaeguisitten 
cost of Seder's Metal Ctefures 
holding has new fallen -to 
about li5p per share, com- 
pared wttfc yesterday's deec lp 
lower at 1449- 

Metal C l o su res, meanwhile, 
announced the unexpected res- 
ignation of Mr Peter Smith, 
chairman since May 1983, be- 
cause of ■ r r ival com- 

mitments. Mr SndthTwno has 
also left the hoard, wfll be re- 
placed as non-executive chair- 
man by Mr Richard Graves, 
who Is already a director. 

Mr Graves was chairman and. 
chief e xe c uti v e of Brfckhouse 
Dudley uutll ft was takes over 
by Gtyawed. Metal Closures al- 
so appointed Mr Many Legg, 
recently retired from the board 
of John Lewis Partnership, as 
s no n- ex eenttve director. 


Fred. Cooper profits near doubled 


BY CLAY HARRIS 

Frederick Cooper, the acquisi- 
tive specialist engineering 
group, yesterday reported pre- 
tax profits Of £3J6m for the 12 
months to July 31, nearly double 
the previous year's merger-re- 
staled figure of £2. 03m and 
more than eight times the 
£487,000 originally reported for 
1985*6. 

Turnover of £3&3m fell slight- 
ly from the restated £36J9m. 

Yesterday's results' covered 
the first (tall year under the 

^■iwnanuM p of Mr Eddie Kirk. 
W ithin months of his taking 
over at the beginning of 1888. 
gearing was reduced from 140 
per cent through the disposal of 
two loss-making operations, 
Cooper Horseshoe Nail and CM 
Steel Mills, a cold-strip roller. 

The £7.7m acquisition of Lam- 


son, the materials handling 


button of £L45m, more than 
one-third of the total However, 
Lamson’s relatively small ad- 
vance from the previous-year 
figure of £l-3m obscures a foster 
rate of organic growth. 

Cooper's continuing 
operations more than doubled 
their pre-tax contribution to 
£L35m from £832^)00. 

By division. Cooper received 
pre-tax profits of £L56m 
(£L27m) from materials han- 
dling, £910,000 (£22,000) from 
electricals, £8734)00 (£5864»0) 
from metal finishing, £355,000 
(£684)00) from specialist engi- 
neering, and £457,000 (£240.000) 
from security products and ar- 
chitectural ironmongery. Dis- 


posed businesses contributed a 
£1564)00 loss in the previous 
year. 

Extraordinary debits fell to 
£704)00 (£L22m), and the tax 
charge declined from 43.8 per 
cent to 3&2 per cent as a result. 

Earning* per share increased 
to lL9p (53p restated). After 
paying no dividends in 1985-88, 
it yesterday declared a L5p fi- 
nal to make a total of 2435p. 


•comment 


With gearing down to only 5 
per cent and barely any expo- 
sure to the US market. Cooper is 
iAwt vulnerable than mo st to 
economic uncertainty or down- 
turn. Moreover, no single cus- 


tomer accounts for more than 3 
per cent of turnover. Cooper is 
well -placed to benefit from 
manufacturers’ increasing ten- 
dency to fabricate from coated 
metals rather than apply the 
surfaces later. Its cautious 
downstream move in the same 
area, a joint venture making 
coated bakeware, creates con- 
siderable opportunity with lim- 
ited cost or risk. Within Coo- 
per's self-imposed guidelines of 
limiting gearing to 40 per cent, 
cash acquisitions totalling £4m 
are possible within the current 
year, but most attention will be 
focused on developing the 
string of companies bought in 
the last 18 months. Pre-tax prof- 
its should rise at least to £4.7m, 
putting the shares on a prospec- 
tive p/e of less than 11. 


Parkfield makes £6. 8m acquisition 


BYDMAMEDLAND 

Parkfield Group, the fast- 
growing engineering and distri- 
bution group, has bought Car- 
diff-based . aluminium wheel 
manufacturer Eurocast for 
about £6L8m. 1 

Eurocast is one of two UK 
manufacturers of aluminium 
wheels and it supplies UK, Eu- 
ropean and US motor car manu- 
facturers. Parkfield is financing 
the acquisition with the issue to 
the vendors of LBm shares of 2p 
each in Parkfield credited as 
folly paid. The vendors, Mr 
John Carisen. Mr John Lister 


and Investors in Industry, have 
indicated that they have taken 
shares in Parkfield with the 
view of being long-term holders. 

A forther payment of £2m, al- 
so to be satisfied by the issue of 
shares in Parkfield, could be- 
come payable depending on Eu- 
rocast profits for the 13-month' 
period ending April 1988. 

Shares are being used "since 
the alternative of using cash 
would not have been acceptable 
to the vendors other than at a 
very substantial premium to the 
agreed price" the company said. 


Eurocast made pre-tax profits 
of £423,000, after deduction of 
certain non-recurring private 
company expenses, on turnover 
of £&38m. Net assets at comple- 
tion were some £lm. 

Mr Roger Felber, Parkfield 
chairman, described the pur- 
chase as "potentially the most 
exciting investment that we 
have made so for in the manu- 
facturing sector, especially in 
terms ofthe medium and longer 
term growth opportunity." 

"With a world market where 
demand for aluminium wheels 


is likely to continue growing by 
at least 15 per cent per annum 
for several years, we have a real 
opportunity to build Eurocast 
into a world-wide business? 

The company intends immedi- 
ately to create additional manu- 
facturing facilities for Eurocast, 
and to consider the possibility 
of investing in manufacturing 
capacity abroad. 

Parkfield more than donbled 
pre-tax profits to £8. 14m 
(£3b89m) on turnover up 19 per 
cent at £123. 5m {£103. 6m) for the 
year-ended April 30. 


Airflow 
Streamlines 
up 95% 
at midterm 


SALES IN both the manufac- 
turing and motor divisions of 
Airflow Streamlines showed a 
favourable increase in the six 
months to August 31, directors 
■aid. That was reflected in the 
95 per cent pre-tax profits in- 
crease to £983.900 compared 
with £503,000. 

The interim dividend is be- 
ing lifted to Zp (0£5p> to re- 
duce disparity. For the year to 
Febraaxy 28 1987 a total of 3p 
was paid when the pre-tax re- 
sult came out at £1. 66m. 

Turnover far the Northamp- 
ton-based Ford main dealer 
and maker of motor compo- 
nents rose from £S0.59m to 
£E3.86m in the six months and 
the directors anticipated that 
current sales demand would be 
maintained In the second half. 

Significant facility improve- 
ments had been made during 
the past six m on ths, directors 
reported, with the completion 
of the extensive replacement 
building in the production sec- 
tion ofthe manufacturing divi- 
sion, the establishment of 
the new Iveco Ford heavy 
track specialist dealership. 

The tax charge rose to 
£344,800 (£176,000) after which 
earnings per share advanced 
from 3i2p to ?.18p. 


The Bestwood Group, chaired 
by Mr Tony Cole, has purchased 
another 250,000 shares of Althea , 
Hume International raising its : 
stake to 6.01 per ceot Mr. Cole 
said that the shares had become 
more attractive after the recent 
market fall 


DIVIDENDS ANNOUNCED 

Date Corns - Total Total 

Current of ponding for last 

payment payment div . - year year 

Airflow Stream. int If . Jan 5 0.25 - 3 

Aronson fi" 1.35 Jan 5 0.7 L9 LI 

Bealox — int 0.75 Dec 21 - 055 - L15 

Bennett FOuntu 4 -Jin 0.7 . Jan 6 0.6 ‘ 0.7 0.6 

Brikat Groups fin L85 Jan 25 2£ 2.6 4 2 

Buttonwood int a 63 Feb 29 * 0.63* - Z43* 

Horace Chr^eri —int 2 Nov 30 2. - 4.75 

Cooper (Fred.) fin L5 Feb 1 nil 2.35 nil 

SmartU.) fin 3A. Dec' 14 3.45 5-25 4.75 

TR Australia fin L41 L3 2.41 2.7t 

Dividends shown pence per share net except where otherwise 
stated. "Equivalent after allowing for scrip issue. tOn capital in- 
creased by rights and/or acquisition issues. ffUSM st~ * TT ~ 
qnoted stock. ©Third market YTo reduce disparity, 
special 0.4p payment 





ifl s.-rii 

(Aata) iJd. has rwc ntiwiim cwd dealing 
in the following afiMsoro mutual fonds: 

Thornton Tiger Fund 
Thornton Oriental Income Fund 
Thornton Eastern Qnunder Fund 
Thornton Bang Kong and China Gateway Fund 
Thor n to n International O pp or tant t ie a Fnnd 
Thornton Pacific Investment Fund S A 
Thornton little Dragons Fund 

28th October 1887 





Reed International P.L.C. 

LONDON 

7 *4% DM Bearer Bonds of 1973-88 
Notice of Redemption 

WT1CE iS HEREBY GIVEN tint posaot Is flx prowl « of i he Low Tom tetwA WW 
/afcrotknsfcdbfed farl JMirMBBvH tejBecW tynpwnMt W tte Gmpta. Insert** 


jfl Btnfc . stall ta cfradaHNv of DM IJ0 8 « «rt h te mwM orior tarn mMUMMN 

Tte Bank meffiafataw wU fee redeemed os 1 Jmm MM MB* ’jMW mowtjtewaiM 
ktarest (w flu ptatwl maHt) to Hot Ota, u No oRh» of ttac Mb HHrt on te Bosh. On 
att afar ttst dm, barest on aU Boa* wl cam is acme.' 

Some ol Hr Bonds dm tar redemption as 1 Jwny 197% MBA MH MBS, MMwd MB7 
(Gram 9, 4, 2. 1 wd 3, 7, 10, wd S wA b, iraedteW hm aot boa pmetad fcr ppflwL ■ 

DrasdnerBank 


SPONSORED SECURITIES' ■ 


HW» Low COMPHV Pr * x 

.206 133 Ass. Bril. Ind. OnMnwy 201 . 

206 145 Ass. Brit. Ind. CULS 201 

41 31 Afinl f ge & lUmMa 31 

142 67 BBB Design Group (USM) TOat 

188 108 BanKM Group — * 173 

186 •» Bray Technologies ..CTW 

281 130 CCL Group OnSInwy 270 

147 9V CCL Group 11% C°ra- P»*f- - MO 


171 136 Cart»run*m Ortfinary ^^168 

102 91 Carborundum 7J5% Pref. 102 

180 87 CeorgoBlair - I«*f 

143 119 Isis Group WBr 

102 59 Jackson Group “2 

780 380 MuMhOKM NV (AmstSU 3B0 

82 35 Record HnWIngs (SD 82 .. 

■114 83 Record Hldgs. 10nePf.<SE) 114 

91 60 RubcftJankntS 60 

124 42 Scrotum — 12400 

224 141 TontayG Carlisle — S9 

42 32 Trevlan HoMIngs — - «w«e 

131 70 Unllock Holdings (SO 70W 

2M 315 WWltr AtotWder (SD 203W 

201 190 W. S. Y rates 200 

.175 96 West Yalta. Ind. Hasp. (USMJ 1M 

Securities dedgmud <SE> rod CUSM) .sre'-dmltjR 
rogutaUOM of The Stock Exchange. Other securities 
subject to the rul«S Of FIMBRA. 


Grass YWd 

Change dta.Cp) % WE 

— 73 3i 123 

— ion ao — 

+1 4(2 133 -'.43 

— ■ ZX -3L9 ,1X2 

-X 2.7 XS 29A 

-3 . LT M IM' 

— -113 «j 6> 

— 15.7 113' — 

— M W1 46 

— 10.7 3X15 — 

—2 3L7 

-4-1 3.4 33 113 

-5 . — 131 

^ OlI 

— 141 324 — 

— — . 2J> 

— - <*"■ *•!» 

+1 U M 1U> 

— 03 is S3 

-3 23 U 12,9 

-2 5.9 2.9 153 

— 17.4 8.7 200 

— M M 163 

subject to UW rules and. 
listed above are deattjn 


OranviBc & Company Limited 
8 Lovat Lane,. London EC3R BBP 
Tekphone 01-621 1212 
Member of HMBRA 


□ratn-ESeDavks Coleman Umhvd. 
27 Lowr Lane, London EC3R8DT- 
TdcphOftC 01-62 11212 ^ 
Wetnbcr of the Stock Exchange 


If history repeats itself* 
will you have the flexibility 

to out-perform? 

. , . We’ve all learned something from the past 

few days. For many it’s the importance of using 
the most flexible investment tools available. 

Those of you who have taken advantage of 
the London Traded Options Market will have 
realised its full potential in both hedging and 
control of portfolio risk. 

There isn’t a more flexible system of 
ensuring that you have the best chance of out- 
performing the market with the minimum risk. 

There are now options on offer for nearly 
sixty leading equities, the FT-SE 100 Index and 
on gilts and currencies. 

If you contact us, we’ll be pleased to help 
you to protect your portfolio. 

LONDON TRADED OPTIONS MARKET 

THE MARKET TO MANAGE RISK. 

CONTACT: MARY- ANN RVRKER AT THE OPTIONS DEVELOPMENT GROUP, THE STOCK EXCHANGE, LONDON EC2N 1HP. TEL NO: 01 588 2355 EXTN 28727 


i 



» 



34 


Dus Nonce is issued in compliance wiih ihe requirements 
of The Council of The Slock Exchange. 

It does nor constitute an invitation to the public to 
subscribe for or purchase any securities. 



183?150l987 

YEARS 


The Peninsular and Oriental Steam 
Navigation Company 

(Liability limited by Royal Charter. Registered ifl England number Z73) 


Issue 

of 


£66,638,327 nominal of 
5.5 per cent, (net) redeemable 
non-cumulative preferred stock 
(‘T&O Concessionary Stock”) 


The Council of The Stock Exchange has admitted the above securities to the 
Official List. 


Particulars of the P&O Concessionary Stock are set out in the listing particulars 
dated 24 August 1987 which will be circulated in the Ext el Statistical Services 
and copies of which may be obtained during normal business hours on any 
weekday (excluding Saturdays and public holidays) up to and including 
13 November 1987 from: 


The Peninsular and Oriental Steam 
Navigation Company 
79 Pall Mall 
London SW1Y5EJ 


Hambros Bank Limited 
41 Bishopsgate 
London EC2P 2AA 


and for collection only until 3 November 1987 from the Company Announcements 
Office, The Stock Exchange, London EC2P 2BT. 


30 October 1987 


REPUBLIC HOLDING S.A. 

in liquidation 
Luxembourg 


SIATBMBfT OF CONDITION 
me at December 31, 1386 


Assets 


Demand accounts with banks 


US5 


Term deposits with banks . 


Investments in and loans to sub- 
sidiaries _ 


us$ 

389,175-12 

16,300,00000 


Other assets: 

* Advance to Paying Agents 


1,740,207.92 


* Accrued interest receivable , 
Others .... — — 


112,826.08 

252,96227 

23,942.94 


379,73129 


UabRtttes Due to subsidiaries 


Shareholders' account: 

• Dividends payable (coupons Nr. 3 to 
16) 


• First distribution of assets — 
Other liabilities: 

• Accrued interest payable — 

- Provision for expenses and taxes — 


Shareholders' equity 


Represented by: 
Share capital 


Share premium account 
Legal reserve 


Retained earnings 


Reserve for own shares held . 


Net income and proceeds on realisation 
Of assets for 1986 — 


Less: First assets' distribution: 
Cash payment (coupon Nr. 17) 


Republic New York Corporation shares 
(coupon Nr. 18) 


3,480,016.66 

18,80921423 

33,4794)5 

89,169.70 


109,13025 

173,57725 

3,885372.91 


14,923,74122 


24,856,950.00 

59*091360.00 

6,150,000.00 

353,826,686.69 

78*364.70 


777,873.93 


444,781,235-32 

33,132^00.00 


396,725*2944)0 

429,857*494.00 


Net ... 


14,923,74132 


REPUBLIC HOLDING 

fin liquidation) 

The Committee of Liquidators 


HIGHLIGHTS' . FROM -1987 RESULTS 


FROGMORE ESTATES PLC 
TOTAL PRE-TAX PROFITS 
OF £ 15.445m 


Profit on ordinary activities before taxation 
Profit on ordinary activities after taxation 
Profit on sale of investments after taxation 
Total profit after taxation 


£ 14.584m 
£10.069m 

£0.799m 
£ 10.868m 


Dividend per share 
Net assets per share 


“Progress since the 30th June indicates that 
exceptional results are anticipated for the 
current year, which is approached with 
confidence” 


8.608p 

3Q0p 
FROGMORE 


ESTATES PLC 


For a copy of the Company's Report and Accounts 

please ring Ware (0920) 830033. 



•# _ 

j. 


‘i. fit- 
- »!•.'. j-satv • 


- view*** ■ 

:->Mv 


Financial Times Friday October >Q 1987 


UK COMPANY NEWS 

Increased loss at 
Central & S’wood 


Civil engineering boosts 
Benlox to £0.6m midway 


BYMKWTAIT 


Beaks, the small civil engi- 
neering and investment dealing 
group which is currently bid- 
ding fin* giant retail chain. 
Storehouse, yesterday reported 
a sharp profits improvement for 
the six months to end-June -- 
making £603,452 before tax, 
compared with £109,418 in the 
first half of 1988 and a loss for 

the last full year of £458,960. 

The advance, says Benlox, re- 
flects the foot that the civil engi- 
neering and construction busi- 
ness * Arnold & Nathan - ”is now 
achieving the benefits of selec- 
tive tendering on improved 
, ‘margins*. The company made "a 
commendable* - though unspe- 
cified - operating profit In the 
first half, against a £859,336 loss 
in 1986. Keatway, the securities 
and investments business, also 
showed higher profits on the 
back of the switch in emphasis 
towards unquoted investments, 
says Benlox; in 1986, its contri- 


, table 
Pro- 
an 


bntaon was £ 188 , 908 . 

The third am, the 
property services ba 
tim, was sold in Kay, 

extraordinary profit o . 

below the line. Again, 
Benlox does not disclose what 
its contribution was, either in 
the first half of 1988 or 1967. 
With the benefit of the Ptottm 

sale, however,* ttributable prof- 
its are £ 128 m and ea r nings per 


share~2p (0-3pi- Turnover in the 
first half slipw 


slipped slightly from 

£10.6m to £9. 13m, a reflecting re- 
ductions on both the buil< 
and share-dealing sides. 

The figures are unaffected by 
the acquisition of Nolton, a 

mini -conglomerate for which 
Benlox won a 'de me rg e r* bid af- 
ter the half-year end in early- 

- Jn & relationship between' 
Benlox and Egyptian financier. 
Dr Aahraf Marwsn, meanwhile, 
remains somewhat unclear. In 


late August, shares in Benlox 
rose on sens that Dr Huron 
was increasing his stake in the 
company to almost 20 per cent 
and planned to Join the board. 
Now, after some confusion over 
the non-appearance of an an- 
nouncement, Dr Hanvan ap- 

boardroom role, accafSa^'to 
Benlox director jlr Peter Earl - 
at least in the immediate ftatore. 
The financier, however, still ap- 
pears to be buying Benlox 
shares; rifle 8 mdoorts 


I the purchase of 7L0Q0 
shares at prices ran* 


ranging from 
48p to Mp earlier this week, tak- 
ing his total holding to 929m 
shares or 22.7 per cent 
Yesterday, shares in Benlox 
gained 3p to 5Bp on news of first 
half figures - making its paper- 
only 'demerger* bid for Store- 
house worth £132m or 324*fcpa 
share. Storehouse shares 
gained Ip to 27 Ip. 


Bolton House £lm purchase 


BYtBKWTAJT 


Belton House Investments, 
over-the-counter issuing house 
and mazketmaker beaded by 
Benlox chairman, Hr Andrew 
Millar, is acquiring the smaller 
licensed dealer, Hathercourt 
Securities, in a £2m all-share 
deaL 

Hathercourt has specialised 
in advising and issuing private 
healthcare situations > among 
them, London Private Hospital 
Group and Swindon Private 
Hospital 

The company is owned by- 
founders Mr Eric Koops and Hr 
Ian Taylor - now Tory HP for 


Esher - together with two for- 
mer Granville corporate fi- 
nance directors, Mr Peter David 
and Mr Tom Sooke. Hr Koops, 
Hr David and Hr Sooke are 
Joining the Bolton House board, 
alongside Hr Jim Perry and Hr 
Millar, who remains t-hairmnn 
Bolton House is paying for the 
acquisition via the . issue of 
900,000 shares to Matbercbuffs 
shareholders - 600,000 ordinary 
and a two-year loan convertible 
into another 300,000. Bolton 

House’s TnarlrofTTraYi SUbUMt- 

ary, GhartweO, which trades its 
shares on a matched bargain 


quotes 

House at about 112 V4p a share - 
giving a purchase price of a lit- 
tle more than £1 zq- 
Since Benlox announced its 
bid for Storehouse, retail group. 
Bolton Bouse b as been one t be 
purchasers of Storehouse 
shares. It owns 350.000 shares, 
bought at prices between 375p 
and402p. 

With Storehouse down to 268p 
yesterday, it is showing a 
£400,000 paper loss, but says 
is "not significant in rela- 
tion to other realised gains." 


Chairman predicts bright 
future for Saville Gordon 


PROSPECTS were bright for 
JBaville Gordon, the Midlands- 
based metal engineering and 
processing merchant, the chair- 
man told shareholders at the 
annual meeting. 

He pointed out that the 
group's pipeline and engineers 
merchant operation had per- 
formed well and added that if 
the trend continued, the divi- 
sion should show a further im- 
provement in the current year. 
Similar conditio ns should also 
prevail in the metal trading and 
scrap processing division 
reflecting an improvement in 
the level of demand and in 

tr 


price levels. 

The performance of the secu- 
rities and commodity dealing 
side, although affected by the 
recent stock market fall, should 
at least eqnal last year’s profit 
levels. The group had no settle- 
ment problems, the chairman 
added. 


LONDON and Manchester 
Group, Exeter-based life assur- 
ance company, is baying Ful- 
fords, estate agent and valuer 
with twelve offices in the West 
country. The initial consider- 
ation is £6k5m to be paid in a 
mixture of LMG shares and loan 
notes. 


Smart higher 

(Contractors), 
building and 


J .Smart Sc Co . 
Edinburgh-based building 


public works concern, reported 
tsrorthe 


increased pre-tax profits 
year to the end of July 3987 up 
from £L36mto £L43m. Turnover 
was slightly down at £LL44m 
against £ll.72m last time. 


Earnings per lOp share came 
out at &46p (9.12p) and the di- 
rectors are proposing an in- 
creased final payment of 3Bp 
(3.45p) making 5 2Sp for the year 
against 4.75p. 


Tax took £474.000 (£441000) 
and this time there was no ex- 
traordinary item against a cred- 
it last time of £315JD00 l 



BENETTON 
GROUP SpA 


a company with registered office In Ponzano Veneto 
(TV), Italy, Villa Mlnefli; an authorized share capital 
of Lit 81 .360.212.500 and a paid-in share capital of 
Lit 74.764.467.000; registered at No. 4424 of the Com- 
panies Section of the Court of Treviso 


HALF-YEARLY REPORT 
JANUARY-JUNE 1987 


Notice is hereby given that Benetton 
Group Sip-A-’s Half-Yearly Report on 
the Company and Group performance 
as of June 30, 1987 may be obtained 
op request from: . 

- the Company or 

- any of the Italian Stock Exchanges. 


CeBttfl6tt ew re4 , iW 
Ing company with interests hi 
engineering, printing and pfllK 
llshtog, fdl deeper Altered 
Is flic first six uwn tits of 1987. 

Far Che period the company 

ran up > loss of ttltt prefix 

compared with deficit of 
£LMm for the comparable 
mouths of foe p rcv l o tts year. 

11m deficit c om prise d a t*w- 

tftnulng businesses loss *f 

£94 UH mi a discontinued 
businesses Iocs of ELitat. 

The figures were struck af- 
ter taking xcout of am excep- 
duaal debit of fl.ISaKalft 
Continuing hnsiuessn made 
an operating profit of £MCJM 
OP* from 

discontinued businesses. 
Turnover for the period wau 


ynffi STfoe fifo* *** 
year snd were cuhtinufod to 

-w ajytgy 

srs aprar gfe 

toag.teruid rrefopu u wfl audal- 

so for lamlualitf we 

uy’sependMws. 

Xa June, foe cwom. — 
capital rMnwUsfot **< 

raised m tkrouifou^- 

r eigxiioa ) with efowbadr ^ 
nawmfo whteb wm uaed to 
reducing central benk Wrruw- 
lugs. 

H«eh nmmbu to bu dmiobw 




£4JC4m up at SZSMm. 
directors 


The directors said the trad- 
ing postttofli af AJLhsu sad 
Coventry Apex had bora ra- 


te restored, — — - 

They were cuftfidowt shunt 
prospects hut w W mb 1 . 

forecast of when dividend pay- 

ments could bo JisnfoaA The 
but payzueus was «Jjp fori 


H. Clarkson tops £1.8m 


Horace Claztsou, huMlug com- 
pany Involved In shlphraklBg 
usd owning, insurance brok- 
ing and fluanrlal and related 
services, upped taxable profits 
from £L52m to £L84m to foe 
first half of foe year. 

The directors declared an 
n mfta ag a d I nter im dividend of 
Zp and after tux of 28GMM 
(£611.099), earnings per sfwre 
rose from 5JB? to SJbp. 

The directors said that ship- 
ping was showing a healthier 


trend, which om fed for foe 
company's shipbreUug tod* 
ness, la shipowning they 
looked for a so mew ha t Mto 
year Oris year aad s ao d u at fa f - 
its for IMS amt later. “ 


Is lag, with foe e»l 

special ford! tyre* of bi b w w 
gtrtng a goad use for farthe r 
ctpwiifa u, 

HlKoriUes aceuante* for 
£ZLM9(f*,000L 


Scot Ice Rink shares sold 


By DAVID WALLS) 


OYEB 25 per cent of foe shares 
In Scottish Ice Bfaik Co <I«E8L 
one of the smallest and most 
obscure quoted companies, 
have changed hauls. 

The company umnuced 
y e s t erd ay that a coosartinm of 
In vestor s, twrlndfng Sheffield 
United Football Club, had 
bought 2SJ2 per cent of the 
cuspuyi equity from Hr 
Glasgow, the tee-risk’s 


man of Sheffield Untied, and 


his wife have bought Hi^jwr 


Mr Breakey. chair* 


cent of foe tumps nr. foe 
itoelf bought foe afoer 19 per 
cent. Hr Breafcy was not 
xvaUIble for coaueent yester- 
day and It is not kno wn what 
his plum are. 

T urn over at Scottish Ice has 
bra about f&MM a year tor 
each af the last tour years, dur- 
Ing which time it has not am*- 
tend a preBt a4 foafsudanlev- 
d 




cmcofcp© 

U-S. $500,000^00 
Subordinated Floating Rate Notea 
Due October 2& 2005 . 

Notica « boraby g*«w* tool the Rote of MUM ho* bean food o» 
7.475% and the* too i i Ow m* p oyobh ooii of to» u» Sl>4i B OUfrB»mwO 
Dais November 30* 1987 against Coupon Ida. 25 in iaqpid Of 
USS1 qOOO ocrainol of da Ncte* wj bo US|44_37. 




October 30, 1987, London 

By: Oftonk.NA|CSSI Potol Agent 8onfc 


crriBAN<4> 


Benetton Group S.pA. 


IRELAND 
US$300,000,000 
Floating Rate Notes 
due 2000 

Nofice it hereby given that the 
interett payable on the relevant 
Interest Pa yme n t Date* Nov embe r 

30, T 987 Tor Ihe period May 29* 
1987 to November 311 19B7 


against Coupon No. 4 in resped 
of U5$! 0,000 nonttnaf o f the 


nQfi w xif of 

Notes will be USS386.94 and in 
d of USS250.000 nominal 
of the Notes w3 be US$9.673£Q. 


OeHba^OL 1 9B7Jandan CTHBAAKO 

,G*fe«ik.NA tCSSlO^l Agent ' 




MANUFACTURERS HANOVER 
AUSTRALIA LIMITED 


A$225,0G0,000 

Gaaranteed Floating Rate Notes 
due 1992 


In accordance with the provisions of 
the Notes, notice Is hereby given 
that the Rate of Interest for the 
Interest Period 29th October 1987 
to 29th January 1988 has been 
fixed ai 13.4063% per annum. The 
Coupon amount will be AS3,379.12 
for the AS100,000 denomination 
and will be payable on 29th January 
1988 against surrender of Coupon' 
No- 2. 

Man ufacturers Hanover Limited 

Agent Bank 


Thfo adue7tuemotimissuedm cou^Uancc mtiUbdraqatremenfo Cottned qfThe 

Stock Exchcntfje. It does not constitute cm invitation to any person to *ufwcri5«/or or 
purchase any securities m British Fitting* Group PIC 


BRITISH FITTINGS GROUP PLC 

(Registered In England No. 818391) 

Issue «f . . . 

7,937,754 5^ per cent . 

Convertible Redeemable Preference Shares of £1 each 
(“the Convertible Preference Shares”) 

The Council of The Stock Exchange has admitted 
to the OfELcial last all of the Convertible Preference Shares 

Copies of the listing particulars relating to British Fittings Group PLC 
containing details of the Convertible Preference Shares are available in the 
Extel Statistical Services. Copies of the listing particulars may also be 
obtained during normal business hours today and on 2nd and 3rd 
November, 1987 from the Company Announcements Office of The Stock 
Exchange and on any weekday (Saturdays and public holidays excepted) up 
to and including 13th November, 1987 from: 

Smith Keen Cutler limited British Fittings Group Pic 

Exchange Buildings, Stephenson Place Finch Road 

Birmingha m B2 4NN Lozells 

and at Birmingham B19 1HXJ 

Bow Bells House, Bread Street 
London EC4M 9EL 


30th October 1987 


CRESVALE 


LIMITED 


with effect from Monday 2nd November 
our new address will be: 


4 Battlebridge Lane, 
London SE1 2JB 

Telephone (01) 357 6400 


Sales (01) 357 7070 
Japanese Equities (01) 895 9100 
Japanese Convertibles (01) 357 7060 
Japanese Warrants (01) 357 631 1 
American Convertibles (01) 357 6323 


European Convertibles (01) 895 
New Issues. (01) 895 1 100 
Telex 8953714 
fax (01) 357 6538 
(01) 357 6359 


f ■ • 
















■ kjW t m fe w. 


/ 9 \ ' 


.■t£JE2£E2BEa3flj; 


f****** 1 Times Friday October 301987 


m 

sa? 


as& 

ss| 


.:•«!*?. a 

*3*^5 

-«5| 

■l*8iu 

S5£ 

" -a ^ffio6r* 8%r 

«s S£Sfct 

*.3SS 

*=^**25 


ic 1 *** 




es sold 


'•* UljZ 

v-^r^S 

.?*■*« n! „ 

V JO* 

•‘ B-. klw*^ 

T 

*■ w«»g 
■ Kfl 600 a l 

Zxc&srRhj! 

r.ia'.'jfjns,,^ 


-• '"T -ixs 

-= -.r-eL\-:/-n 

-ac - 

cjt/savo j 


UK COMPANY NEWS 


Bennett & Fountain 
pushes ahead to £2.7m 


BY DMA MEDLAND. - 

Bennett ft Town tain, fast-grow- 
ing wholesale and retail electri- 
cal goods distributor, yesterday 
announced pre-tax profits oF 
£W m for the year-ended June 
30* Figures provided tor the- 
previous 15- months show pre- 
tttiprofits of £L5m to June 30, 
10 Off For the company, which 
came- to the USH in January 
1985. 

Turnover rose from £22m in 
the 15-mouth period last year to 
£314*3m izh the year-ended June 
30. Hie company plans to pay a 
dividend of 0.7p (0.6p) per ordi- 
nary share. 

Last year's Spires have been 
restated to Include the contri- 
bution by wholesaler Moss 
Electricals, bought for £a 63m In 
cash in October last year. The 
Moss purchase raised the num- 
ber -of wholesale branches 
owned by the company from 
seven to 25. Bennett ft Fountain 
changed its - year-end from 
March to June last year. 


"In turnover terms growth so 
tor has been largely through ac- 
quisition,* said Mr Stephen Co- 
leman, finance director. Its 
wholesale branches have risen 
from 25 in June 1636 to 30 in 
June 1887, while its retail tide 
has grown from 11 branches in 
June 1888 to 20 a year later. - - 

Retailing has seen farther 
dramatic growth since the June 
year-end, and will have 41 new 
branches once the company baa 
completed its £3£4m -acquisi- 
tion of retailing and rental 
group Central Equipment, 
which tirades as Derwent Sound 

and Vision from 32 high street 
locations. An additional nine 
branches were obtained by the 
recent purchase of electrical 
retailer BasMlls, the Midland- 
based group, far Eft 18m. 

“The strong rental base pro- 
vided (by the acquisitions) tabes 
us national and provides a good 
opportunity,’' sai d Mr Coleman. 

The retailing division showed 


Rowe Evans profits up 
27% in first half 


TAXABLE PROFITS of Rowe 
Evans Investments, the Kent- 
based holding company with 
In t er ests in ell palm, rubber 
and cocoa plantations in Ma- 
laysia and Indonesia, rose 27 
per eent from a restated 
CSSMM to £703,086 in the six 
months to June 301987. 

, The profits growth was 
achieved despite turnover 
down from £943,000 to £899,000 
and a reduced Income from the 
group's share of related com- 
panies* profits of £360,000 
(fiftLMtn. 

However, the directors said 
that the devaluation of the In- 


donesian rupiah in September 1 
last year had had a beatfidd 
effect os group earnings. Local 
coots were now lower In ater*. 
ling terms, while selling 
prices continued to be related 
to world markets. The group’s 
related plantation companies 
had all benefited toon im- 
proved commodity prices. 

■ Tax took £340,000 against 
£274,000 last time leaving 
earnings per Up share of <L84p 
befere an extraordinary credit 
of £238,000 from the compulso- 
ry acquisition of estate tend, 
and L44p after it (Odp). 


Cost cutting helps 
7 m Memcom to reduce 
its losses to £1.7m 

„ (k- __ m1 __ nf A SHARP reduction fa adminio- tarns, which is involved fa re- 

£16^n 0f BoUi 68 SvSoM 1 were HoIcUm USM-quoted the now weU-estobSohed S3£ 

S! ?£-*«£ flS would 

tionally, and Bennett ft Foun- reduce tomfale loMes erete. 

fa>wi iww riitwB tftHmthfi inrtpiff ' ftoaB ^88m to £L67ni fa the M ... . . t ... .. 

year to April 30. Turnover rose Mr Awartan! said that with di- 
efactnca! wholesaler fa Lon- to £L71m. versification, these develop- 

Im proved margins and dfcfr Tax took £9^00 compared 

tive rationalisation in some of with a credit of £442852 fart to £^0?^ 

the acquisitions had contrib* time and the loss per 10p ordi- nrofitabilitv of the wnnMw 

ssarfflasRitSft ssassjbjs £**£ ^s^L^MS^sstsi 

■aartass'-jats 

would be reviewed farther, with pimy laatj^ • dividend, of qut ^ to ™ 
a view to strength en i n g managq- fop, in 1966. He had tot a number of high 

i PouBbdB It 

nanced acquisitions in the past cfal problems in larownen sey- 

through a mixture of cash end overseas markets col- po«b . Mowe r than the com pany 

shares, asiualto rights issue lapsed. It then e mb a rked on a w^dhavewished. 1 1 hadbeea 
in cSoS?Wlea?to clear strong c^cuttfag programme 

debt Gearing is currently us- *ad a £23m rescue rights issue “ntots^ by the end or the year. 
d«r 30 per cent, Mr Coleman However, aU its objectives 

ajss.&na; g jttgaaaa a arsteTSMffls: 

^r— - cmmstvb 

December first three months of the current 

HinJnMnrAA/1 He said that the cm-fotng rate year. Together with the benefits 

HUITOnWOOa Oil of spend had been farther re- from the reduced administra- 
. - - . duced as a result of the cessa- tion costs and provided current 

ton of forecasts tton of Memeom'fl activities fa progress on sales was main- 
lu r U1 1U1 California and Watford, the fafaed, Mr Awartanl said that 

n ,„. Wr ._,„ ,. f ...tTrr reorganisation of the Middle he was confiden t of a satiatocto- 

approach from Midsummer Lri- JgJ Followtogthe rights issue and 

cndedSeptmnber 28 1967, but conti " IMd oSSSwS^^lSS^th 

the directors said both ex- *nd sales lncreaseo. which to achieve its objectives, 

ceeded forecast ' Automation Engineezing, the since «h*» date major reduc- 

They added that expectations group’s Washington subsidiary, tfans fa the group’s debt burden 
for the fall year remained satis- would continue to operate prof- h*d been addeved. Exceptional 
factory. For the year ended fafaly this year. The order pros- items fell from £258848 to 
March 31 1987 pre-tax profit poets for Memcom Electronics rwa aiit; interest receivable and 
came to £X68m. and Memcom International rimtiai- income dropped from 

In the opening period turn- have improved si g ni fic antl y in £47428 to £16,096; and interest 
over was £15i65jn (£16m) and recent months. Taken together payable and atmnar charges 
42m (£L7m). Earnings with the broadening of activi- foil from £221886 to £207,541. 
><58p) and the interim ties - in September Memcom The extraordinary credit of 
la effectively held at took a majority interest fa £92,113 last time was not repeat- 
er scrip adjustment. Systems and Business Consul- mL 


0.62&P after scrip adjustment 


ties - in 
took a 
Systems 1 


Business Consul- ed. 


NOTICE OF REDEMPTION 
Tbtlte Holders of 

ENTE NAZIONALE IDROCAKBERI 

• E.N.L 

(National Hydrocarbons Authority) 

6%% Smkmg Fond Debentures dne June 1, 1988 

NOTICE IS HEREBY GIVEN that pursuant to the provisions of die Sinking Fund lor die 
kflbentures of the' above-described Issue, Moreau Guaranty Trust Company of New York, as 


Hoare Govett Limited 

is pleased to announce 
the opening of its 

Seoul Representative Office 

on Friday 30th October, 1987 


Seoul Representative: Sean Goldrick 

Hoare Govett Limited 
5th Floor, Doosan Building 
101-1, 1-Ka, Ulchi-Ro, Chung-Ku 
Seoul, Republic of Korea 
CPO Box 2876 

Telephone: (822) 755 0701 Facsimile: (822) 754 7982 
Telex: K 23161 


HOARE 

GOVETT 

Thu Intnm nt l o niy stodthfokw 

LOMX3N -N£W YORK - TOKYO - HONOKONO ■ SINGAPORE ■ SEOUL ■ kffiLBOURNE ■ AUCKLAND ■ CHANNEL ISLANDS ■ GLASGOW 


Debentures of the abdve-dfeseribed tome. Morgan Guaranty Trust Company of New York, as 
Fiscal Agent; has selected by lot for redemption on Becmnber 1, 1987 at the principal amount 

- • - -j 


OutatiaAM Debentures ofTIS. 91,000 ueh'ef Prefix “M**Be«ring Serial Numhem 

•; JMhylsA« »HnMfaya wt 6 l| N , Mjwwryriic:! 

m"'-' ' 52 SST • ■ "« •* ’ 'is 79 

Abo Debentures of US- (1,000 Each of Prefix “M" Bearing ft* Fallowing Serial Numbers 

- 19239 , 90939 . ' 26739 


SEEKING THE 
PERFECT FORWARD 


FOREIGN 


On December 1, 1987, there will become and be due and payable upon each Debenture the 
principal amount thereof in such ooin or currency of the United States of America as on said 
date is legal tender for the payment therein of public and private debts, at the option of the holder; 


13th Floor, 30 West Broadmp New York, PLY 10015, or (b) Subject to any laws and regulations 
applicable thereto with respect to the payment, currency of payment or otherwise in the country 
of any of the following offices, at the principal office of B&nca Nationale del Lavoro in Rome or 
the principal office of Banca Commerdale Italians in Milan or the main offices ofMoigan Guaranty 
Trust Company of New York in London, Brussels, Paris or Frankfort or the main office of 
Algeinene Bant Nederland N.V. in Amsterdam or the main office of Kredietbank S.A. Luxem- 
bourgeois* in Lu x embourc- V ill e. Payments at the office of any paying agent outside of the United 
States will be made by check drawn on, or transfer to a United States dollar account with, a 
bank in the Borough of Manhattan, City and State of New York. Any payment made by transfer 
to an account maintained by the payee with a bank in the United States may be subject to re- 
porting to the United States Internal Revenue Service (IRS) and to backup withholdin g at a rate 
of 20% if payees n ^recognized as exempt recipients foil to provide the paying agent with an 

irrnry that the payee is not a United Slates 


NOTICE OF REDEMPTION 
T> the Holders of 


BANK OF TOKYO (CURASAO) HOLDING N.V. 

' (Formerly Curasao Tbkyo Holding: N.V.) 

&% per cent Guaranteed Bonds Due 1988 




[►.M] mlKiJ-.O 




in New York City.; 




d Tbkyo. lid. mBnaatia. Fraokfnrt sm 


sad Paris; The Bank of Moo uuiuau «• ». m > 

SaQ r Lux«nbourff. The coupon for interest payment psyabie m December 1. 1987 ahmld be 
m! in the usual manner. . . ... 

L1087, fotawtou the Bomb so called far gpdeqipbon wffl . cease to seerae. 

HMOFTOmfCU^^ 

Bit The Bank ei TW^o Trwt Company 
as Fiscal Agimt 


On and after 


Dated: October 80. 1987 


EXCHANGE SWAP? 

READ THE 
SMALL PRINT... 


Midland Bank Group Treasury introduces from 
9th November 1987 the Forward Exchange Agreement: The FXA- 


-The complete synthetic Forward/ 
Forward Foreign Exchange Swap, 
totally compatible with the 
aadcrlylsg cash market 

-A more efilcieat axe of Forward Foreign 
Exchange facilities throngh redaction* 
In credit and settlement risk 

-Available in Sterling/U.S. Dollar, 
Sterlisg/Dcstichemark, U-S, 
Dollai/Denttchemark, U.5. Dollar/ 
/jpaneic Yes is any whole salt 
■pward of I million Sterling or 
U.S. Dollars 

FXA - THE PERFECT SOLUTION 


AL 

M 

I 

O 

D 

N 

L 

T 

A 

A 

N 

C 

D 

U 


Interbank: Simas Wdlim, Trevor Carr. Corporate etieoli; Francesca Taylor, Edmond Lera Trlcphone: 01-260 0(00. 

Midland Bank pic Group Treasury. 

A PART OF MIDLAND MONTAGU, THE INVESTMENT BANKING AND SECURITIES ARM OF MIDLAND BANK GROUP. 
10 Lower Thames Street, London KCJR 6AE. 


i 














around $1.1 billkm and this results in a satisfactory net 
cost for the retained Stauffer agrochemicals business. 

The general trend of busmess has been enoourapng. 
However, the impact on trade of current unsealed 
conditions in the financial and foreign exchange markets 
cannot yet be assessed. 

The ibUowmg table summarises the quarterly sales to 
external customers, profit before tax and earnings 
per share. 


1986 

1st Quarter 
2nd Quarter 

3rd Quarter 
4th Quarter 


1987 

1st Quarter 
2nd Quarter 
3rd Quarter 


Turnover 


EmSlions 

2^14 

2516 

2.413 

2593 


Profit 

Before 

Tax 


SmUUoru 

204 

268 

256 

288 





(first nine months 1986£269m), 
xsadon tax of £175m (£121m) and 
£2 Pan (£14&n) in respect of overseas and related 
companies. UK corporation tax has been provided at 
35%, die expected rate for theaocounring year 1987. 

The unaudited trading results of the Group for the 
first mnemanths of 1987, with comparative fignresfor 
1986, are as follows: 


1986 

first Nine 
Months 
£ millions 


Year * 

£ millions 


limover 

2545 United Kingdom 

7,591 Overseas 


,136 Toad 


Profit an anfimny activities 
1,016 bdntoQiiaB 

1 After providing for; 
Depreciation 
Taxon profit an ettfioary 
—382 activities 


Profit oa anfinary activities 
634 after taxation 
—34 Attributable to minorities 


1987 

first Nine 
Months 
£ millions 


1 , 00 * 

C«1 



the year 1997 will be announced on 


Thursday 25 February 1988. 

IMPERlALCHEMICALINDUSrnUHSPLC 


Impala Platinum Holdings 
Limited 

(Incorporated in the BapuMe of Swot Africa) ■ 

Registration No. 57/0197^08 
flmpWtf) 

RIGHTS OFFER— LAST DAY TO REGISTER 

Further to the a wo ca cewe nt of 22 October 1987, the holders of onflaary dares h 


if. •• 1 ■’ ■ -I m< v-'-’l 


by lupus will be at the dose of tunes on Friday, 13 Nmmber 1987. 

Further details of the proposed rigte offer wfll be arouiced 00 9 Nwafoer 1987. 
Should the current BncotaWj prevailing on world state markets coated the Erectors 
of Impels m decide tn detey the proposed rights offer. 

ShaTftolders wfll te adrised tlnieoiriy erf aqr hi this n^nL 

Johamesboig 

30 October 1V7 


UK COMPANY NEWS 


Brikat makes sharp recovery 
and finishes ahead at £1.3m 

Srikat Group, a USM'-quoted is the maximum permissible Pegasus 7 profits compare 
odneer and distributor of given the level of distributable the previous year. 


Brikat Group, a (JSM -quoted 
producer and distribu tor of 
business accounting software 
and office supplies, made .a 
shar p recovery in the second six 
months of its financial year to 
July 31 with pre-tax profits for 
the foil year emerging at a re- 
cord £1.3m compared with 
£Ll4m for the previous year. 

Mr Johnnie Johnson, the chief 
, executive, said that pre-tax 
'profits for Pegasus and Days, 
the group’s continuing 
1 operations, were £L69m produ- 
cing framing s of 20.9p per share 
against I7.2p (13.6p) actual. 

Shareholders, however, get a 
reduced total dividend with a fi- 
nal of 1.85p (2-5p) making 2.6p 
(4J2p) which, the directors said. 


given the level of distributable 
reserves. 

Poor trading in its business 
centres led to a setback in mid- 
term profits from £534,000 to 
£238,000 but the rationalisation 
and disposal of these fifteen 
centres - reflected in extraordi- 
nary costs of £l^m, £Llm of 
which relates to the centres - 
has now been, completed. 

Pegasus Software continued 
to provide the major part of the 
group's earnings and main- 
tained its leading position in 
the UK for microcomputer ac- 
counting software. But consid- 
erable investment on new prod- 
uct development and personnel 
resulted in a slight decline in 


BOARD MEETINGS 


Tha taSow tr o compares nauit n c a fi se dates cf 
board meetings » W> Stock Exchange Such 
meewos are usually rwd tor the purpose of con- 
cSwOMs OKcoJ e*Saje*sn are not 
aolatis as to wrwher me dmeends are mrenms 
or fawia and tr« suO-rtmwws w*n t*Ow are 
based warty on las year's wneiabtas. 

TODAY 

UWkns- ASM Greup. Anglo Easwn Ptarw- 
Mr&Canpat and SteeraDd. Oavror Sen. 

C rwg and Rose. Castam Produce. Hasfcm- 


m. R£a Hoidngs. Royal Trow van aond' 
Ftwid. Thomson Ogwnsallon. 
Rnats-BSa.FtrCMssiNanonaJ Home Loans. 

^ || t || l |||| FUTURE DATES 

BassenFoods Nw2 

Sma iir^smenr TrosJ Nov! 

D»wcn I nternal pai l — Nov 2 

G6i ittemamna! Now II 

NandafsenAdtnr-iswaoo Novi 

UwGflJUO Mori 


Pegasus’ profits compared with 
the previous year. 

Day Office Supplies, on the 
other hand, achieved a 15 per 
cent increase in profits, contri- 
buting 17 per cent of group prof- 
its from continuing operations. 

Ob prospects Mr Johnson said 
the year had seen dramatic 
changes in the business profile 
of the group with all the loss 
making activities divested or 
dosed. 

The businesses of software 
and office supplies were contin- 
uing to be highly profitable and 
the directors believed that 
there were strong prospects for 
growth both organically and by 
acquisition. 

Turnover last year fell back 
from £X3.6?m to £lCL35m; the op- 
erating profit was £L45m 
(£L24m) from which was deduct- 
ed interest of £72,000 (£57,000). 
the share of losses of associated 
company £30,000 (£51,000) and 
an exceptional item of £51,000 
(nil). Tax took £388JX)0 
(£455,000). 

Reflecting the change of em- 
phasis the company is propos- 
ing to change its name to Pega- 
sus Group. 



p- 

1 

SELL YOUR HOUSE 

“1 

1 

1 

1 

Through the Weekend 
FT Property Pages 

1 

I 

1 

L. 

(£P CALL 01489 0031 NOW 

1 

.J 


Financial Times Friday Ortober JO 


Inter- American Development Bank 

rnxn 

NOTICE 

to the botes* of 

3 Wfc Japanese Ifen Bonds of 198! 
due November I* 2991 

EAR1Y REDEMPTION ON 1ST DECEMBER, 2987 

of aUtHe Bonds by {DB 

NOTICE IS HEREBY GIVEN to tbc bbWere of Hit Boa&Qhe * tokMWJJ *■- 

«rf Bonds endewd « foe Boo* (for Xon*^> 

>s af the Bonds lhmootnaadinzti IOft7»paranL« ire# 


pnndpsl ac»innlogeUier»ifo inter® *S®BedjP*ach«frfc (bang ao^rerotteeaf^Sw^LOW*®* 








HSCAL AGENT AND PRINCIPAL PAYINQ AGENT 

The B-nk of Tokyo, Ltd, 

Lchomt Cbao-ku* 

Ibkyck 

ADDITIONAL RWTNG AGENTS 

TbcRaakof Tokya^LuL, TW ladasttsl Barfs of Jsp««,Tl»iftf l, 

London Office; London Bwh. 

North®ue House, MWafteoafe. 

20/24 Moorgaie, London EC<N 8BR. 

London EC2R6DH. 

The Loog-Tfenn Cmfit 

Bank of Japan, Ltanitcdr 

London Branch, 

3 Loroberd Street. 

London EC3V9AH. 

The Nippon Cmfit Bank, U&, 

L**f l 4f ul P y IT7 J ~f > 

Wincbeater House. Ti London ' 'VA 

Loodon EC2N UHL- 

Movnn Gnaswty ‘frost Company 
at NewTbrk, 

Brussels Office, 

Asmuc dcs Arts 3S, 

B-1040 BrnttBcs. 

todkflwt SLA. Laamhofiaki. . 

43 Soulewad itagnL 

1 HMMlhW| 

The Bask of Tokyo (BoQaod) N.V^ 

World Hade Center. 

Scrzwfoskyiun 565, 

1077 XX Amsterdam. 

The Bank of Tokyo, LML, - 

Paris Office, 

4-SmeSsiateAaoe, 

75001 Pari*- . 

The Development Bank 
of Singapore Limited, 

140 Ged! Street, 

Sinppaw 01 06 

The Baft nCTbkmal, 

Hong Koor OfBa; 

FAr East BsskcCossb^ 

lftHarcomt-Boad, 

HovXobH 

Bated Oaobtr SO. 097 

twi»-^ii»u M* ■« Dtnbpww Bant 

by Tkt Bn* « 2*9a Lfti, 

MMAS* 


moriTEOison 



Wared Office: Mian - FbfO Buonaparte. 31 
alUt 2.704631*24*00 fully paW up 
Companies Registry Nr. 3S5 - VbL 10 - Section 84 


6 


Senbank 


Central Merchant Sank limited 
iRejamdBM) 

IRejtnon vita 550174206) 


1987 HALF-YEARLY REPORT 

Notice is hereby given that copies of the 
1987 half-yearly report of Montedison 
S.p.A. are available, upon request, 
at the offices of its UK subsidiary, 
Montedison (U.K.) Limited, 7/8 Lygon 
Place, Ebury Street, London, as.well 
as at the London Office of Morgan 
Guaranty Trust Company of New 
York, Morgan House, 1 Angel Court 


U.S. $500,000,000 

CITICORP & 

i Incorporated a Mtnir) 

Subordinated Floating Rate Notes Due January 30, 1 938 
Notice b hereby given that the Rate of int er est has been fixed at 
7.45% and that the interest payable on the relevant interest Payment 
Dote November 30, 1987 against Coupon No. 22 in respect of 
US$1 6.000 nominal of the Notes will be USS64.1 5. 


October 30, 1 987, London A ii/A 

By: Citibank, NA. (CSSl Dept), Agent Bank C,lTIBArK& 


7Msennounc9menteppamas*m*tmroff*cort/italr 

AMC 

The Agricultural Mortgage 
Corporation PLC 


£ 200 , 000,000 

Revolving Cash Advance Facility 


Arranged by 

National Westminster Bank PLC 


Underwritten by 

National Westminster Bank PLC 

Bayerische Landesbank Girozentrale The Mitsubishi Bank, Limited 

The Mitsui Bank, Limited The Tokai Bank, Limited 

TSB England & Wales pic 


Province of Nova Scotia 

US$1 00,000,000 1 1 %% Debentures Due1991 
US$100,000,000 1 1%% Debentures Due 1 9% 

(Herein referred to as the “Securities"). 

To; The holders of the Securities 

tn accor da nce wtft the terms aid condBon e attaching to the 
Secwffles. holders of the Securities am henoy given noSoe that as 
from October 30th 1987, The Bank of Nova Scotia, Brussels Branch, 
68 Boulevard do Llmperatrice, B-1QQQ, Brussels, Belgium wB no 
longer act as a Paying Agent in respect of the Securities. 

The Bank of Nova Scotia 


Barclays Bank PLC 

The Dai-lchi Kangyo Bank, Limited 

The Sanwa Bank, Limited 

Credit Suisse 


Credit Lyonnais, London Branch 
Rabobank Nederland, London Branch 
The Sumitomo Bank, Limited 

Westdeutsche Landesbank Girozentrale 



Additional Tender Panel Menders 

Banco di Napoli Banco di Roma, London Branch 

Banque Nationale de Paris, London Branch Banque Paribas (London) 

Baring Brothers & Co., Limited The Fuji Bank, Limited 

The Saitama Bank, Ltd. S.G. Warburg & Co. Ltd. 

Agent Bank 

International Westminster Bank PLC 


t 

■■j 


















'.financial Times Friday October 30.1987 


THE PROPERTY MARKET by paul cheeseright 


Signs of life after the 


120 ” I FT-A Property Index 

Relative to FT-SE 100 Index ; 


ffi JOHN HARTNELL was won- 
dering at a recent property auc- 
tion in Bristol bow he could 
withdraw 17 lots in a row. It was 
a routine auction - secondary 
property from the West Country 
and Wales - but such a number 
of withdrawals was something 
be had never contemplated be- 
fore. And he would not have 
been contemplating it then had 
hot property stock prices been’ 
hilling out of bed. 
i . But lie did not have to bother. - 
What he had thought would be a 
disaster turned Into, a triumph. 
The buyers were out in force. 
Even properly that had been 
hanging around for a year went 
muter the gaveL 
i This anecdote is really only in 
show that away from the frenet- 
ic atmosphere of the City of 
London, there is life alter the 
Wall Street crash. As Michael 
Ryder of Kenneth Ryden char- 
tered surveyors In Glasgow, pat 
it, "You won’t find anybody fall- 
ing off buildings here.* 

This is not to minimise the 
significance of the fell in the 
market A Large part of the in- 
crease in share prices over the 
last year, as measured by the 
FT-Actnarles Property .Index, 
has been wiped out Companies 
trading at a premium to their 
net asset value have seen that 
premium turned into the more 
traditional discount 
But there is adilference be- 
tween what is happening and 
what is likely to happen in cen- 


tral London and what goes on 
elsewhere. There is more than- 
one properly market 

In the regions, whether in of- 
fice, retail or industrial proper- 
ty, the movements of the market 
have been closely related to un- 
derlying economic activity. Cen- 
tral London, by contrast has 
been spurred by the explosion 
of the financial services sector. 
If there is to be any weeping in. 
the property sector, then Lon- 
don is probably the place to. 
watch for tears. 

That is the first point to be 
made in any attempt to come to 
terms with the shake-out of the 
last fortnight The second point 
is that nobody can anticipate 
the precise effect of the shake- 
out beyond the feet that there 
will be one. “The underlying 
truth has yet to emerge,” noted 
Donald Mc Kel th, direc- 

tor of Land Securities. 

The speculation that by repe- 
tition is hardening into conven- 
tional verity runs like this: the 
an on the markets baa elimi- 
nated the Stock Exchange os a 
source of finance for property 
companies; the banks are going 
to be tougher In their lending; 
the institutions, scared by equi- 
ty volatility, are going to rush 
back into direct property In- 
vestment; the financial institu- 
tions are going to retrench and 
the City boom will pop. 

"Deals on the back of paper or 
rights issues are not going to be 
dona. They'll have to be done 


for cash. Those with cash- will 
be okay,” said Peter Levy, chair- 
man of Shaftesbury, which luck- 
ily arranged a listing days be- 
fore the market began to felL 

After this everything becomes 
more conjectural. The banks 
first The first thing they say is 
that their lending has always 
been cautious ana that there, 
fore they will continue as they 
always nave done. They would 
scarely say anything else. 

But the view gets trimmed. At 
Goldman Sachs, active In syndi- 
cations at the top end of the 

market, Brian Haier observed 
that "new young names which 
haven't proved themselves 
could run into trouble. General- 
ly there's been a flight to quali- 
ty." in the future, with the bull 
mentality pushed aside, the 
banks could be looking at fig- 
ures more closely. 

They will be c ha ry of extrava- 
gant rent projections. But even 
here there is some give and 
take. Lower Interest rates re- 
duce the cost of construction 
financing, permitting some low- 
ering of the rent levels needed 
to cover the interest cost of 
projects. 

One executive from a clearing 
bank involved in lending to 
smaller developers noted that 
when the quarterly valuations 
of projects are done, the banks 
could see their margin of safety 
- between the amount of money 
lent and the stock market worth 
of the bo r rower - eroded. They 


Counting costs 
in a dwindling 
City market 


will then be asking whether the 
interest payments can be cov- 
ered. "What has changed is the 
perception of what the paper is 
worth/ he said. 

Where there is doubt about 
the viability of companies and 
their projects, he went on, there 
could be forced sales. "This will 
take some time to work its way 
out of the system.” It is the pos- 
sibility of forced sales from the 
over-exposed that worries de- 
velopers because this could 
have a damaging effect on their 
own valuations. 

What is happening is that the 
froth is being wiped off the top 
of the market But that froth is 
more apparent in the central 
London market than elsewhere. 

The next point relates to what 


the institutions are going to do. 
This year there has been more 
institutional interest in proper- 
ty, according to the official fig- 
ures, because the returns have 
looked better than in previous 
years - especially against fixed 
interest investment If property 
Is seen as an alternative to equi- 
ty investment it is by no means 
dear that just because the equi- 
ty bull market has shuddered to 
a halt there will be a flight to 
property. 

Even insurance companies 
like Scottish Amicable, which 
has been building up Its proper- 
ty portfolio, are not and have no 
plans to accelerate their prop- 
erty investment Looking at the 
fell of the equity market Mi- 
chael Mallinson, property di- 


rector at the Prudential, the 
biggest of the institutional 
property investors, commented 
that the "the natural conse- 
quence Is a movement into cash, 
from which you might go into 
property. But we’re not rushing 
into it* 

If, at a time of equity market 
uncertainty, the tendency Is to 
be liquid, then there is little 
point in buying property, which 
is notoriously illiquid, Mr Mal- 
linson told the recent confer- 
ence of the Royal Institution of 
Chartered Surveyors that if 
properly is to be an alternative 
to equities it has to be easy and 
cheap to buy and sell, to value 
and to own, it has to be liquid in 
small parcels. At the moment it 
is none of these. 


PROPERTY shares have 
been following the market 
down but the companies worst 
affected have been those with 
exposure to the City of London 
market - Rosehaugh, Spey* 
hawk, London and Metropoli- 
tan, Greycoat, London and 
Edinburgh Trust and Wates 
City, 

These and others agree that 
the financial houses are bound 

to review their space require- 
ments. "When markets show a 
capacity to move 10 per cent In 
a day, then no broking house in 
the world can be regarded as 
entirely safe,” says Chase Man- 


National Coverage 
Local Expertise 


24,500* t 1 




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I? 


Tottenham Court 
Road& 

1 Bedford Avenue, 
London WC1 

A Substantial freehold - 
Office/Retail Investment 
with the opportunity 
for refurbishment/ 
re-development in * v 
- Septa mber t99&^ ^ 

' 01-499 0601 

01-734 3522 flUsH HI 


Bat this does not point to the 
Imminent collapse of the City 
of London market. It Is not that 
people will not move, notes 
Jeremy Helsby, of Savills char- 
tered surveyors, "bat that costs 
will be even more important 
then they were before.” 

There could be resistance to 
high rents and, as Phillips and 
Drew suggest, the day when 
supply and demand for space 
In the City balances out could 
be advanced a year or so to 
IMS. This In tarn could mean 
developers will need to recal- 
culate projects whose exis- 
tence pre-snpposes the City’s 

perpetual expansion- 

Int&mational 

Property 

FOR SALE 
12 Prime 

Manhattan Properties 

AUCTION 

Nov. 4. Hotel Rene, New York 
For Brochure and Information 
can (212) 319-8550 
PROPERTIES AT AUCTION 
63S Madison Ave, NY 10022 

Telex: 668771 Interprop. 

Telefax; 212-223-1354 


M0NTREUX 
Reasauaftle prices hi 
Switzerland? 

Yes! We offer you In 
M0NTREUX the best view, 
the latest comfort In bulkflng 
and the best prices. 

3 rooms from FraASSJXXk- 


CO FB BCPa 

Agence ImmotaflVbe 


AL8ARVE INVKSnaCMT. 2 dMachea. 

W-4 unit*. Potential yfaw 11%. 
Lygm* Marketing C042P38) 288. . J 


That recalcnlatfon will be 
partially conditioned by the 
downward pressure on Interest 
rates and by the realisation 
amongst City planners that the 
development boom is petering 
out. Those in the market are 
better off than those approach- 
ing it 

For the moment though, not- 
withstanding this week's West- 
pac Banking decision to take a 
pre-let on a BP Pension Fnnd- 
Speyhswk development, the fi- 
nancial community Is occu- 
pied with matters other than 
property. When they return to 
the subject they will find that 
the space situation is Jnsi as 
tight - a 2 per cent vacancy 
rate. There Is no evidence that 
anybody has pulled out of a 
deal yet. 

The advice coming from the 
brokers’ offices is to look for 
property stocks with a solid in- 
come stream behind them and 
an exposure to what is seen as 
the Intrinsic strength of the 
economy - what Citicorp 
Scrimgeoor Vickers calls 'de- 
fensive qualities.” Names men- 
tioned include Land Securi- 
ties, Lalng Properties, British 
Land, Hammerson, Slough Es- 
tates and Brixton Estate. 


LEYSIN 

Reasonable prices in 
Switzerland? 

Yes! We offer you in Leysui the 
best new. the latest comfort in 
building and the best prices. 
Studios 2-3-4 rooms 
Firm F is. 1187)00 In Fn. 34T000 


ooFsaeooM 

Agenoe fcnmabitefe 

^SoiSSiuISd 


SWITZERLAND 

EXCEPTIONAL 

For men VERNIER in tbe mgrfflcnatU 
resort m the WiNs Ai*t dbect iron ike 
bnUw.M *sA MtaUt Oacrabir MS*. 

APARTMENT 

1 Mag, 2 bedroom, UtzftM. balcony, ertto, 
parftta puce. Bemtftd dew on the Ah* Sun* 
and (Met Wee SFt 270JXB Mortgages eg to 
50% ■■ —M e C u eS ei* letaiewcaaiaBtale. 

W Hte Men* P£JU PROMOTIONS . 
5ta*» H CH • 10M pwdeMMBertnt 


ZOLE3LMBH 
fax f»r»Mn 

ADLERS 


kit 


Wb are one of the fastest growing 
commercial estate agencies in the country. 
With our network of 50 commercial offices, 
we are ideally placed to transact your 
commercial property business. 

Our extensive market average 
combined with intimate local J 

knowledge envies us to act for 
. small businesses and national A ■ 


companies alike in the sale, letting and 
acquisition of commercial property of 
afl kinds. 

We support this with a full 
complement of professional services 
including valuations, surveys and property 
>> management 


Knight Frank 
IZ & Rut lev 


LONDON SW1 

Imposing Office Building 
10,500 sq ft approx. 
Leasehold for Sale 
Ttenderon 18th November 1987 
20Hanover Square 01-629 8171 
London W1RGAH UmMOH 


Legal Notice 


IN THE HIGH COURT OF JUSTICE 
nmrrij MtUod 

Na.M7tl*«f 1« 

la tot Biattar af 

CUHMXCttL IMHM ASSOMKCE 
COMPANY pk 


COIN ENCUU. UNION LIFE ASSONANCE 
COMPANY UNITED 
— MB*— 

Urn. N7U1 at 1M 
tetfce aartttr W 

CNMMERCUL UNION ASSURANCE 
{HUT TNBSTS) LOUIES 
— ■Mi- 
la the mettar «f 

NNNIWE 1N ASSURANCE COMPANY 
UMTZa 
— aal— 

(■ the BOhr ■( 

IK —M B COMPANIES ACT, MU 


NOTICE IS 
CMrtafJoflfcf 


•CU 
Tnm-llor 



A- f Thjst is to get it right 


PRLDENTIAL 


etJ** ■ 


i 


mmu 


h f h t f f in t 


Fbr further information contact: 

Alain Snowball, Co mm ercial Director. Winch more House, Fetter Lane, London EG4A 1BR 

Tfel: 01-430 0T76 




f \ 

■ y 


G-tt Berry Street, 

13/6/17 Northburgh Street, 
44/45/46/47/48/49 Great Sutton Street 

LondonECl 

LONG LEASEHOLD 

for redevelopment, refurbishment or occupation 

FOR SALE BYTENDER 
12 Noon 27th November 1987 


CHESTERTON 
LALONDE 


10 Telegraph Sheet London EC2R7AR 
Telephone: 01-248 5022. TWex: 266928 
Fax:01-6060649 


I LONDON MANCHESTER LIVERPOOL BRtSTCHU 


[assssi 

*0*3* *454 [ 


Scarborough, Yoricthlre 

PRIME RESIDENTIAL DEVELOPMENT SITE 
FOR SALE BY TENDER 
On MondaySO November 1907 
Aboutl 7.6 Acres between 
. Scalby Beck and Golf Course 

Outline Planning Permission at overall 
density of six dwellings to the acre 

Forfufl dedans fcfonder Document rontacf&tf 


CAR PARKING— LONDON 

. . li/wy dose to Theobalds Rood, WCU 

Mhowuntoranfr or paridng facilities available on pernUMnt bash. Full tbnecwparic 
attendant providing car valeting service If required. Rant £147 + par Month. 

For further details ontKt Mrs Mwlln du rid* office w* 

01-831 7551 


GUILD HOUSE ‘ 
38-38 FENCHURCH STREET 

gj3 

BUSINESS CDfTRE 
01-929 5252 

Prestigious fully serviced small 
offices and suites to let from 90- 
1,700 sq ft Reuters, Topic and 
Telerate lines available on request 
IMMEDIATE OCCUPATION 
Phase today for details 
and viewtaty 

E LOCAL LONDON CROUP PLC 


ftTT E NTJO N 

SoHciton, Aixauitaats, Trustees 

SUbMantlil PHwtt InnMar wtAts U pmh«M 
liw tMnan t P iviw y CnnyiriM/Tram etc. 
PoKntbU Capital Gain* Tax art tnwd a* a 
BSUStir la eaNaWIng mIm rt eonvaaf* jbms. 

Sand DcnHs la StriaeS CaMmt »>■ 
Baa HM4 IMd Ttaatf, 10 taw 
StaaW. LaaOaa, EC4P 4BV 


GROSVENOR STREET 

Executive famished and Serviced 
offices 

From £70 pw 

. . Sec., fox and telex. 

Short and long term. 

Tel: 01-629 9544. 



, „ ___ i An if abl 

IWM>eWttgpoig.awpBinfla«XLTd:060<' I 

aftatax k aa« f bate ita aw faiiiaMta ; 

VRW. ff&m 1 

FUlS—y CWCOT. POL toyamnq ftoHlw ' 


OXFORD 


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r 


COMMODITIES AND AGRICULTURE 




■> 1 «-■ - 


Financial Tunes Friday October 30 198? 


The EC’s enigmatic mandarin 


‘THE BEST diplomacy is invis- 
ible," Mr Maurice Ccmve de 
Mmrilie, President De Gauge’s 
Foreign Minister, used to say. 

Few individuals can have 
followed that advice more 
assiduously than Mr Guy 
Legras, the former French 
diplomat who is now Director 
General for Agriculture in the 
European Commission in 
Brussels. 

Mr Legras administers an 
empire which has an annual 
budget equivalent to two-thirds 
of the Community's total; 
accounts for four-fifths of the 
EC's legislation; and has the 
unenviable day-to-day task of 
trying to dispose of some 
Ecu I2bn (£8.3bn) worth of un- 
wanted food. The policy he is 
responsible for operating is 
sometimes described as the 
cement which holds Europe to- 
gether. But its spiralling costs, 
according to some observers, 
are now threatening the Com- 
munity's very foundations. 

In spite of the power and 
prestige of his post Mr Legras, 
who is in his late 40s, remains 
something of an enigma. He 
avoids the 3?ress whenever 
possible, he rarely makes 
public speeches and he is frus- 
trate gly elusive to the army of 
ambassadors and lobbyists who 
would dearly love to beat the 
path to his door. 

Notwithstanding this low pro- 
file (or perhaps because of it) 
he has established a formidable 
behind-the-scenes reputation as 
a skilled negotiator and a prob- 


Big mercury 
deposit found 
in Spain 

SPANISH PRODUCER Minas 
de Almaden y Arraynes SA 
has found a mercury deposit 
with exploitable reserves of 

21.000 tonnes, capable of pro- 
ducing 135,000 flasks (34.5 kg 
each), according to Mr Jesus 
Martin Seco, the company 
chairman, reports Beater from 
Madrid. 

The new mine will raise total 
mercury reserves in Spain to 

540.000 flasks, equivalent to 23-5 
per cent of proven worldwide 
reserves, Mr Seco said. 

The mine, discovered in 
Almaden in Southern Spain 
where the company's other 
mines are located, is expected 
to come into production in 
three years time. 

The mine contained ore with 
an unusually high mercury con- 
tent of 20.5 per cent, which 
would enable extraction costs to 
be cut by more than half. 

** There will be a dramatic fall 
in our extraction costs." Mr 
Seco said, adding that the com- 
pany could then sell its output 
at lower prices. 

Extraction costs at the new 
mine would average $87 a flask 
compared with costs of around 
S190 at its main open-cast En- 
tredioho mine and $300 at its 
old Almaden mine. 

The Almaden mine is coming 
to the end of its productive life 
and is expected to cease produc- 
tion within two years at roughly 
the same time as another new 
mine. Las Cuevas, comes on 
stream. 

He said that before the latest 
deposit was discovered, the 
mine with the richest mercury 
content in the world was the 
Entredidbo deposit. 

He forecast Minas de Alma- 
den’s total mercury output for 
1987 at 40,000-45,000 flasks, of 
which around 45 per cent was 
for export It exported 30,000, 
in 1986 and last forecast that 
its exports this year would drop 
by around 25 per cent Minas de 
Almaden accounts for around 
90 per cent of mercury output 
in the European Community. 


leuxolver par excellence. His 
ability to "arrange matters” 
was never better illustrated than 
during the long political 
haggling about the UK's budget 
contribution which was finally 
resolved at the Fontainbleu 
summit ip 1984. But by all 
accounts he has employed his 


in his two and a half years in 
Brussels Mr Legras recently 
emphasised his conviction that 
the current political negotia- 
tions in the EC farm council 
on the Commission's latest 
plans to bring agricultural ex- 
penditure under control — the 
so-called stabilisers package— 


Tim Dickson talks to the 
publicity-shy bureaucrat in 
charge of the Common 
Agricultural Policy 


talents to equal. If not greater, 
effect in his new wider role at 
the European Commission. 

“ It is typical,” comments one 
of his staff, “ to call on him with 
half a dozen problems which re- 
present a week’s worry and to 
leave his office after a quarter 
of an hour and two telephone 
calls with five of them solved 
pm) one definitively identified 
as insoluble.’* 

Hi s decisiveness no doubt de- 
rives from bis impeccable train- 
ing at France's Ecole Nationale 
d’Admini strati on (ENA) and the 
Foreign Ministry, but his cheer- 
fulness and wit are both remark- 
able in a man who appears so 
anxious to keep out of the 
public eye. 

In only his second interview 


represent a crucial turning 
point. 

Speaking in bis surprisingly 
spartan office on tbe sixth floor 
of the Commission's Berlaymont 
headquarters, he commented, 
M the situation is extremely 
serious now not only because 
of the increased budgetary 
costs but because of tbe 
situation on the world markets, 
notably in cereals and oilseeds. 
“ For me, it would still be neces- 
sary to do something even if 
there was no financial crisis in 
the Community.” 

Mr Legras's basic prescription 
— a reduced role for the system 
of guaranteed EC purchases 
known as “ intervention," lower 
prices and more direct income 
support for farmers (un- 


related to production) — is 
broadly familiar as the official 
Commission line. But his in- 
sistence on lower prices— par- 1 
Ocularly for cereals and oil - 1 
seeds, u where I think farmers ! 
hare the biggest margins to I 
make sacrifices," is un- 1 
ambiguous. He is notably ; 
dubious about the West German 
arguments in favour of cereals 
quotas— a system which Farm 
Ministers appeared to be 
moving towards in their 
enthusiasm for production- 
sharing at their last meeting in 
Luxembourg — maintaining that 
"this could be the end of a 
competitive European agricul- 
ture if not at least accompanied 
by price cuts." 

In spite of the size of his 
budget and tbe vastness of the 
problems of food mountains Mr 
Legras says that "managing the 
market is not my main worry.” 
He adds “It is much more diffi- 
cult to get the council of Farm 
Ministers to accept the proposi- 
tions of the Commission." 

Contrary to what some cynics 
say he does not believe that 
Britain will drop its hard line 
on stabilisers and EC budget 
discipline if Mrs Thatcher gets 
a good deal from Brussels on 
the renegotiation of its budget 
rebate (the details of that pro- 
posal have yet to be spelt out 
■by the Commission). “I am 
convinced that she will not ac- 
cept the stabiliser proposals (at 
the Copenhagen summit) un- 
less they involve real and sub- 
stantial savings,” he declares. 


Chicago agricultural futures 
caught in market downslide 


BY DEBORAH HARGREAVES IN CHICAGO 


CHICAGO’S AGRICULTURAL 
futures markets were caught in 
a downslide last week as 
traders were forced to liquidate 
positions to cover losses in 
financial futures. 

Some of tbe local traders in 
the grain pits watched in 
amazement as prices fell in a 
move not usually associated 
with a fall in stock prices. 
“ Usually the opposite hap- 
pens." commented. Mr Tom 
Murray, a grain analyst at 
Stottler and Co at the Chicago 
Board of Trade. 

Chicago's commodity traders 
have been very cautious over 
the last two weeks and have 
been watching the stock market 
carefully, according to one 
CBOT traders. Additionally, 
some of the big brokerage 
houses had pulled their traders 
out of the agricultural pits as 


they were forced to raise 
margins in the financial 
markets. 

The CBOTs corn (maize) and 
soyabean futures were down 
their permissible daily limits 
at one point last week, 
effectively putting a cap on 
trading. 

However, .purchases by the 
Soviet Union of several million 
tonnes of grain in the cash mar- 
ket had supported the futures 
•prices, which picked up several 
points on that news, only to 
drift down again into this week. 

The Soviet purchases had 
brought a lot of the big com- 
mercial firms back to the mar- 
ket to hedge nheir commitments, 
although grain trading is still 
wary, Air Murray said. 

At the same time, livestock 
futures had also taken a beat- 
ing with prices off by between 
$1 and $4 .per contract. How- 


Coffee price slide hits 
Rwanda’s export earnings 


BY A SPECIAL CORRESPONDENT 


THE TINY, central African 
state of Rwanda — dependent on 
coffee exports for about 85 per 
cent of its foreign earnings — 
has been hit hard by the heavy 
fall in world coffee prices. 

Already the Government has 
forced to cut its 1987 budget by 
around 15 per cent in order to 
subsidise coffee payments to 
producers, and is said by Wes- 
tern diplomats in the Rwandan 
capital. Kigali, to have paid out 
3bn Rwandan f ranees (£23m) 
to R wand ex, the coffee ex- 
porter which buys the local 
crop. 

Rwanda pays tbe highest 
coffee producer prices in the 
region and consequently as 
much as a third of its yearly 
exports of 30,000 to 40,000 
tonnes may consist of coffee 
smuggled in over the hills from 


neighbouring Uganda, Burundi 
and Zaire. This year the 
smuggled coffee has become an 
expensive embarrassment as the 
Rwandan Government pays out 
far more than it can now afford. 

One diplomatic source in 
Kigali claimed that about 
38,000 tonnes of locally-grown- 
high quality arabica had passed 
through Rwandan factories this 
year. In addition, roughly 8,000 
tonnes of rotrasta type coffee 
are annually exported from 
Rwanda, all of it smuggled in- 
Rwanda has no robosta trees. 

Rwandan coffee is &t>wn on 
peasant smaillfaoldangs dn cool, 
mountainous areas of tbe 
country and Mr George Drew, 
an -ebteriy British businessman, 
appears to have a virtual mar- 
keting monopoly. 


ever, analysts doubt that was 
in response to the drop in 
the stock market as livestock 
fundamentals are currently 
bearish enough to have caused 
the slide. 

A government report fore- 
casting higher cattle production 
than was expected by the mar- 
ket had depressed futures 
prices last week. But the 34 
per cent decline in prices could 
also be discounting in anticipa - 1 
tion of a recession, an official 
at the Chicago Mercantile Ex- 
change noted. 

In a recession, consumers are 
likely to buy cheaper meals and 
move away from beef pur- 
chases, he said. There is in any 
case a long-term move away 
from beef consumption is the 
US towards poultry with 
chicken consumption expected 
to surpass that of beef for the 
first time next year. 


Mocatta to be 
Thailand’s 
gold importer 

By David Blackwell 
THAILAND HAS appointed 
Mocatta and Goldsmid. one of 
the five fixing members of the 
London gold market and the 
world's oldest bullion dealer, as 
the country’s sole official im- 
porter of old. i 

The Thai Government wants 
to ensure that the old going 
to its booming jewellery in- 
dustry not only reflects the 
world market price, but is also 
pure. The industry is believed 
to have suffered from both over- 
priced smuggled bullion and 
adulterated supplies. 

Dr Suttee Sengsaneh, the 
Thai finance minister, said 
Mocatta’s appointment would 
help to boost "the standard 
quality of Thai gold used in 
making gem and je-weSery set- 
tines which are exported.” 


Drought hits Indian sugar prospects 


BYR.C MURTHY IN BOMBAY 


INDIA’S SUGAR production is 
projected to fall by 10 per cent 
this year from the record 8.5m 
tonnes in the sugar year to 
September 1987, triggering 
speculation of a substantial 
increase in imports, which have 
been averaging lm tonnes a 
year over the past three years. 

Drought in two-thirds of the 
country has damaged prospects 
for a good harvest but the 
impact on sugar cane, an irri- 
gated crop, is not as severe as 
on others. A drop in the quality 
of cane is feared, however. Mr 
M. S. Marathe. secretary to the 
All-India Co-operative Sugar 
Mills Federation, says the 
sucrose content will fall as 
water is rationed to cane fields. 

Sugar co-operatives are 
strong, especially in the 
western state of Mahrasbtra, 
and account for almost two- 
thirds of India’s 372 white 
sugar refineries. Cane planta- 
tions in Mabrashtra. accounting 
for a little less than a third 
of the country's sugar produc- 
tion, are irrigated by tube- 
wells and noor rainfall tins 
year has affected the subsoil 
water table. The region is an 
. efficient sugar producer with 
.sucrose recovery of 11.5 per 
cent against a national average 
of 10 oer cent 

A dozen of the state's sugar 
refineries may not restart crush- 
ing this season for want of cane. 
Tbe situation is equally bad in 
the northern state of Uttar 
Pradesh, the largest, but less- 
efficient, sugar produces ares, 
whore private sugar mills com- 
with co-operatives for cane. 
lodHe’'* c«i?etener Industry has 
peculiar features. White sugar 



INDIAN SUGAR 

(million tonnes) 
Opening 

stocks production 

imports 

consumption 

1987-88 

2J0 

- 



1986-87 

2.43 

0-50 

0.78 

8.70 

1965-86 

1 J6 

7J30 

2.10 

8.40 

1984-85 

237 

6.14 

1.18 

B.00 

1983-84 

4.58 

5.91 

0.09 

7J6 

1982-03 

226 

8.43 

— 

5^3 


uses just a third of the 170m 
tonnes of cane harvested, the 
remainder being used for mak- 
ing raw sugar in lump form by 
several hundreds of small firms 
in the unorganised sector and 
used mainly In the countryside 
where white sugar is a luxury. 

Rapid urbanisation and im- 
provements in living standards 
are fuelling demand for white 
sugar, however, with consump- 
tion rising over the past five 
years at a compound rate of 
10 per cent to a record 8.7m 
tonnes last year. 

The sugar industry, compris- 
ing 302 private sector refin- 
eries, 95 state-owned mills and 
205 co-operatives, is governed 
by complex price and distribu- 
tion controls introduced some 
15 years ago when sugar was 
In short supply but continued 
in years of glut to prevent 
sugar mills going bankrupt. 
These controls are not 
enforced on lump sugar pro- 
ducers because of administra- 
tive problems. 

A system of support prices 
operates to assure remunera- 
tive prices for sugarcane, 
although in practice competi- 


tion between sugar mills and 
lump sugar producers has 
driven up cane prices far above 
the support levels. 

Price controls have been 
relaxed and a cost-plus for- 
mula Is now applied to only 
half of white sugar production, 
tbe rest being sold at market 
rotes. The distribution of the 
entire production Is controlled 
by monthly releases suggested 
By the government: “ levy ” 
(price-controlled) quota is sold 
at fixed prices through the pub- 
lic distribution system to 
poorer sections and the size of 
free- sale sugar quota 
determines market prices, 
which are sow some 50 per 
cent higher than levy sugar. 

The sugar industry is on tbe 
pink at the moment and share 
prices are high- A change in 
the proportion of levy to free 
sale quotas from 70:30 some 
fiv e years ago to the present 
50:50 has enabled sugar mills 
to pay attractive prices to far- 
mers. Sugar production rose 
by a third In the past two years; 
the cane crop la up by nearly 
10 per cent; and the area under 
cane has risen by three per 
cent. 


The Indian Sugar Mills | 
Association has suggested a 3- , 
point plan to boost the indus- 
try's fortunes further. It wants: i 

• Capacity to pay more for ; 
cane to be enhanced by raising 1 
the free sale quota to 60 per 
cent of production; 

• Establishment of a buffer 
stock of 600,000 tonnes of sugar 
to ease the burden of interest 
on bank loans and storage 
charges off sugar mills; 

• And an increased levy sugar 
price to compensate for the 
escalation in production costs. 

Tbe Government is formulat- 
ing a new sugar policy to take 
care of diverse interests. A 
price war between sugar mills 
and unorganised lump sugar 
producers would lift all 
sweetener prices, unleashing re- 
sentment in the countryside. 
This would run counter to the 
policy of keeping down prices 
of essential commodities in tbe 
worst drought years. 

Domestic demand for sugar, 
is projected to surge to 9m 
tonnes this year while India has 
a small export quota of 35,000 
tonnes under the International 
Sugar Agreement. The twin 
needs of domestic and export j 
demand necessitate the evalu- ! 
tion of a long-term policy to in- j 
creasy tbe cane yield, which has 
risen by just 20 per cent over | 
the past decade. Analysts say ■ 
sugar refineries should be 
scaled up to an optimum size i 
to offer economies of scale and ! 
that by-products such as cane 
residue, called bagasse, used in 
paper manufacture, and alcohol 
should be used to produce 
value-added items. 


LONDON 

MARKETS 

COFFER AND aluminium 
prices came under further 
pressure on the London .Metal 
Exchange yesterday. Aggres- 
sive merchant selling of cop- 
per found prospective buyers 
thin on the ground and the 
cash Grade A position closed 
£40.50 lower at £1.146 a tonne. 
Trading was very quiet In the 
afternoon, dealers sai“* with 
business mostly confined to 
book* 5 quparing operations. 
Cash standard grade alum- 
inium. meanwhile, registered 
a £52.50 fall to . £&7j>0 a 
tonne, despite staging a P* r “ 
tial rally in the afternoon. 
Prices bad earlier slipped to 
the lowest levels since late 
August as sentiment was 
weighed down by fundamen- 
tal and technical pressure. 
Sterling’s early firmness, a 
contracting “backwardation 
cash premium over forward 
metal) and bearish chart pat- 
: terns were quoted as specific 
factors affecting the market. 
Currency factors were also in- 
fluential on the coffee futures 
market Tbe dollar's weakness 
depressed priees for much of 
the day before signs of a re- 
i co very provided the market 
1 with a modest boost At the 
close the January ^Position 
was quoted at £1.292J»0 a 
tonne, down £1 on the day. 

LME prices provided by 
Amalgamated Metal Trading. 

ALUMINIUM 

90.7* ' Unofficial 4- or High-Low 
purity k data iB.m.1 — 

S per tonne 

1 j ■ - ■ 1 " 

Cash • 1140.50 -573' — „„ 

3 month* 1650-70 -45 16.5.665 

0*c-al closing fam): Ci3& 1 . 6 ^>-’0 
( 1 , 620 - 20 ), three myif.s VtCu-49 
ft.TOMO). aetliemon; 1.710 (V&i.). 
F.iuJ KM ctese: 1.670-90. fl.rs 
9 ««r — '. sennas. 

ALUMINIUM— 99-5 per cam 


B0.5X i A p mr . 
purity i tonne 

Cuh 1 095-0 -52.5 973 045 
3 months 051-8 -37 963.5 827 

Olfcsi cosing (am]: Cssh 968-3 
(1.C73-3). ttwa mo-tis OJO-1 <990- 
1.000}. sell'amen: 963 (i.C7S|. f r -Jl 
Kerb Coat: X3-*. 

H r . 3 :um=v*rt 33.325 


INDICES 

REUTERS 

Oct. 20 Oct 37 wilt aga Year ago 

1668.5 — * ~ „ 

(84 sa December 31 

DOW JONES 

Dew Oct, OS. M*tn . ro«r 
Jones ga ' 37 ago ; *80 

soot 120.83X36.00 — 130.6? 
Fut tZ8.23a27.S6 — 

(Bus ptc*Bvt>«r ai'mt— 


MAIN PRICE CHANGES 

Oct. SO -I- or Month 
199? — a 90 


Alumnmm _ ,. n j 

Free Martlet ;118W.7»— 1Z081J2B.W8 1 


Coati Grade <L-,-iStI*6 *00.5X1X47 

3 months.^.. XI3W -4tS£ 11H.6 
GolO Troy ci .... -1477.5 =. . . UMS.15 

UM Cain £343.5 -1 £364 

3 menifts—. liM9.25 ^ <353 A 

F*So*M«^"~r?Sa27*c J — 3 344100c 
Podium OX -. B118.5Q -3 6* SX35.75 

Platinum oe. *537^0 -HUM J586JW 

GutCkSiivcn — 3285 395 •• ASQS'ST* 

JWvrr trey to.- 4i4.B3p -TO.M4M.SCp 
3 month* . 434J5p — C.C6477,56p 

c-u-tiSo* 0 
u LtSS- 8 


COPPER 


Unofficial +01 

close — HighUsw 
• C per tonne i 

1105-7 —40.5 1X45 1138 
1067 9 — 32.5 1075 1064 


Cash 1145-7 — 40.5 1X45 1138 

3 months 1067 9 -32.5 1073 1064 

0 *t-w a- C 3i fsTl: CssS :. 140-2 
(1.190*2). :-r:ec man:“s *. 367-8 f..C36- 
8). HS'omer: 1.142 (J.I32). F,no. Kfcb 
Casa: 1.364-5. 

STAVDASS — — — — 


OILS 

Ccccnot *Fft»f> *4?5» -571SS 

PaJm Malayan -95407 ,—7.3 3365 

Seeds 

Copra •pm:- »3Z 3 ■ .T. - Sito 

SayaOs sn 1 U.8.1 £139/ *37 12 3Uf 

G tiMHS Z - 

Bar toy Put. 4an.S106.60 .*0.WC1CU| 
Hxa 033.00 . .. LX51.S0 

Wheat Vet. Jan. Cl 11.10 V0.WCIO7.O6 

NO. 2 Ha rd Went. : : : 

OTHER S 

Cocoa Ft. Mar. .£1180.5"+ £.0 
Coffee rz. Jan £1203.5 —4.0 EX8ML5 

ccttc*i a ind.* ‘71.50c .-a.ro ea.eoc 

GmSi I Dec! 1168.25 ,-l 73*160.75 
Rubber ikito) r- M5 J4P . 

Sugar -raw .4167.QW —— 11638 

w ooftc p* 64* iBabb Mofalo 

t UequaTc i. I Par 75- 5 e Can:* 
J raar.d. ■ CefQ'i cut' oat. wtta-»3V. 
y Ksa. t Soc. t Nev-Oec. « Jan-Fab. 

SILVER 

S->er yarn Und 208o an oamca 
te*wa» ter sect daM/ary on ft# Is-'Scn 
buVen ms f rot restersoy. at ai*60p. 
US eon: egu-vs'enis of tHa ha-ng .av*:s 
watt: Soai 714c, tfaam 31 6c. Vitro- 
ironet 7Z3.1SC. dawn 32.05c: amieooi’t 
742.10c. down 32.Se: and 12-man LI 
772.85c. dsm 34-2SC. 


SILVER : Bunion + or LM.E. + or 
per , Fixing ■ — . p.m. — 
troy ox ' price , ;Unoff»*7 

Spot 7:414.800 2OJ0 704.Se -«A 

3 months. 434.35p.-39 JO 716.5c 
6 mentha.455.6Sp-2f.f0 — ■■ — 

12 month# 452A0P-H.2S - . i - 

IMS— Turnover: O (0) iota of 10.000 
OiratU. 

Ficai kerb clot# TOSc. 


US MARKETS 

A strengthening US 
dolar following evemlf.ltt 
decline* helped tatewify 
downside pressure on tbe 
precious metaiv YeptTO 
Drrtel Bnralnm Lambert. 
Eferiy trade buying In WH 
quickly succumbed to com- 
mission house and local sell- 
ing which in ntra toothed off 
nt ope to rase pri ce s back to 
the rapport M 45LS6 basis 
December. Tbe trade was 
forced to liquidate, but good 
buying emreged at tbe tow* 
to stem (he decline. Platinum 
and stiver also moved sharply 
lower, pmicaa remained 
locked at limit down, but sup- 
port wu noted to (be silver at 
680 basis December. Copper 
ended a choppy day lower on 
cornminsioa boose selling in 
til? face of Kale-dawn trade 
buying. Energy fcd«m were 
weak* to the erode off the 
trade ms a noted seller out- 
right and profittaktog was 
1 noted <m spreads. ‘ Cocoa 
1 eased on trade Ad specula- 
tive setting b aa ed on dollar 
strength versus sterling, but 
, towards the close. speculatDe 
i short-cover ing helped lilt 
prices. Coffee eased on com- 
mission seStog hot then re- 
covered oa Bbon-eeverlng. 
Sugar also fell oe cmudisMmi 
bouse selling In the fare of 
•caledown trade buying. Cat- 
ton reached new laws on com- 
mission boose selling which 
touched off stops before trade 
buying pared losses. Grains 
were quietly lower oa expect- 
ations of deliveries against 
expiring fa tines conmus, 

; only saymari was firm oa 
steady each prices. Cattle 
futures moved to limit down 
on heavy tong liquidation, 
but trade and speculative 
buying reversed tbe decline. 
Hoes and pork bellies tended 
to follow cattle. 

NEW YORK 

Aiunmouai 40.000 »k aao/a* 

cm h»» Kp lo3» 


$Ql0 iM fcttMf Of- ** 



Cate 

Nov 

Ml) 

dan 


Dec 

498.7 

tob 

474 0 

April 

MIS 

JJriO . 

«Mt 


MU 

0*» 

MlZ 

Dm 

8*9 

toft 

512 7 


— 

June 

vnz 

Aa 

039$ 

JW 

roro 


Praa 

togs 

*n& 


490*9 

0757 

rot 

MU 


JK 7 

mn 

*W0 

BTO5 

cat 

Iff! • 

SOI 5 

AM 

M3 

Mi 

»!»7 

•w 


5415 

«na 

Ml 

SCI £ 

BOZO 

52 W 


PBPMCI J4MCI H-flOB »■: 

Oo**"' " 

*«. wn mm warn 

jn w-u mu «»« »«; 

uw irons maa wn 

Un t*MQ ton »» 

jSf i*4« mto 

s wi — 771* — — 

k£ . ic.ro w t* 

Sen 140 05 vro.ro . — — 

Mar 1*0 06 MO 36 . - _~ 

rui mum'io —y m 

‘ 1 ew*o - rm 

Mw SibLj MT1 StTO 9 OSO 

Ok tux sirs — -r 

sin Sal* MTS SMS 

to W** - IK4 W* SJ# * 

JuT S*5.* Ml* JNO Wt4 

Dei £66 4 — MSP 8*60 

jm a ro-fl roia - - 

aii wg 6 bob w>w, w row fo or w 

CtW fit* "ftto K*m 

no* «m s nu — — 

Owe SR » Mat. 7709 WM B 

to, rocs TOP. roa* mbo 

Marsh WO Wfl TOBO W4 

vw *«.« mu iota 

M UU 7758 706 TW .0 

Swot T9 9 TTO.1 oa 7390 

Ok 7*1.5 U4 7U6 7» 0 

to, 766* . aui — - — 

Ma-eo ms a ra .0 mo mo 

April — •» — . — ' 

M«y 7*07 W4 M»C »B 

toty rasa m* nun trap 

suSSn mma *- 11 " ivUSHTtiH 

anaw ■ ~ • 

CUM 1 1 "SiS 

San T.o* 166 9M 7 » 

MM* t to ia . m pro 

tear 71* TW in 7 Mi 

Jufp T.SX tit 9.79 741 

Oct 1M >15 , tn 9M 

Son 7 JO 78* — — 

itoaa am . ait *m mm 


CHICAGO 


UW CATTlf * 

" Dam im 

Ok u» «is at.ro S2.ro 

to* «i« aaro roro uu 

Aoctf saw .roro roro wro 

jmto « 2 .» mu roro wro 

tout *tjo iaflk at ja so at 

' roro tut «« sa-Ts 

o5 sa.ro at.ro gff rora 

uve HOC&. roSn mSTVSSSim 


rose *7 *5 
Ms max 

4S.SO 4146 

kin am 
«vro ro.ro 


7S.50 

uso 


Cteet 

Nmr 



Dm 

43*7 

4M2 

- - 

ljf . 

fa* 

4117 

41^7 

7%ao 

7S.SI 

Aptd 

row 

roro 



Jtene 

41*7 

Alto 

- 


July 

aM 

«X» 


mam 

A»9 

*3 47 

41 2S 



Oct 

row 

MM 

. _ 

_ 

Dec 

row 

MM- 


MAUX 

unwwii 


Standard 
Cash 
3 month* 


,1105-23 -37.5 - _ 

1040-3 r— 4-7 : IOO« 


Offica* c’as-rg fare): Cash 1.100-10 
n.1SZ-4). throw msnflr* 1.043-50 f 1.065* 
8). aoRJemenc 1.110 (1.154). US fto- 
ducor prices: 83.5-31 cent* • pound. 
Toal ring lumavan «9,12S tomuw. 

LEAD 


Unefncioi + or J 
cloao ip.m.» — 1 HfalwLow 
£ per tonna ; 

Cash 3434. 'S44fS48 

3 Month* 339 9.5 ! — 348.337 

Otfic at closins (am): Caah 343-4 
(344.5). three months 338-8.5 (SO-I). 
sonlamant 344 (345). Final Kerb c'oso: 
341-2. Rmg tumewar If. 650 tonnes. 
US Spot: 42 cans per pound. 


COFFEE 

Technical :^o»dattoa pushed tobostm 
lower again today, reports Draxal 
Burnham Lam ban. In mfy mlntg, 
caom-saida hoeae fiqtildBMn «acssn- 
tarod good trad* abort -cow* rfng which , 
imtiaity held ismCs- but by (eta aftar- 
snon f urthe r tiqnidaBln met MD* resis- 
tance and prim dosed oa tto lews of 
tb* day. , 

come hfnetardayj + mi BuMnoas 



Hoh 

LOW 


CM* 

hW 

- mw 

roro 

TOM 

roil 

Owe 

triq 

WO* 

t$»ft 


roro 

roro 

tom* 

roe a 

Ml 

IWft 

row 

19 72 

row 

MW 

791ft 

roe* 

ma 

roro 

row 

TSM 

Jtrty 

Iftl 

roeo 

«w-x 

«.a 

T3 70 

WB 


nsft 

iso 

w* 

roro 

3020 

ye.ns 


798ft 

mt 

IflTft 

»2S 

20.24 

S0 15 

MsRb 

T9T4 

mo 

3974 


come “c" ran acutes. 

ayjBOlbe: caoWIba XLOOO am. cewtortb 

■ _ dm Ortm Mtoh ■* low Ctooo -fc 

oao 12 z.ro taro mm izzao m uji w 

soar 72710 12884 727 » 12640 Msn* 68-2* H 

May 139X5 73.90 739 90 UtJfi Mty 67 48 Vt. 

Mt 130 m 72985 t»» 73990 C7.K 57- 

Sap 131 Ji 131 4D 781 35 730 7* " 

ON TS2-V1 732.00 732-SO 13ZJ0 

tier inn troro - - *■” 1 * .Sg 


roro rou 
seas ro ar 
nip um 
ro.ro na 


no» ttaae-i 3«8—78 

Jan — — ~ 'iSHtSlMi— 4.0 

M#r — —1 IS 17-1 US— 48 

May 1540184*— 48 

July, ll 363-1K6 +2JQ 

Sept 1380-1186 4-05 

Nov 4 IS- +9Jt 


22 £ ixm - - jwp IM mine 

coma roaoai.- pa)wn>» r ~’ t fiR' gg ' JSi 

■ b—m 9mm '. Hob.. iSjr j*,. ...set*: Saa.4 BMP to 9M 


NICKEL 


I Unofficial + or | 
t dose (pan.) — .High /Low 
1 £ per tonne j 


Cesh '3530-60 •+ 20 
3 months 3311-26 ,4-9.5 


g 300fi~ 
520)5*78 


Sales: 4.638 (6.483) lets of 6 tonoas. Mar 
ICO Indicator prim (US cents per 9*pr 
pound) lor October 28: Comp, daily -w 
1379 111-33 (11140): 15-day avanga 
111J4 (11132). 

cocoa SS, 

Future* war# currency driven today 
and traded In a CIO range to dose on zr? 
m steady note at the highs of tha day. 

Light producer trading of phyaicala was z7r_ 
allied a consumer* re-entering the 
market, however, cocoa products rather CflUi 
than beans ■ erected their anendon. 9/bai 
(sports Gil I and Dtrihu. 


dm 7t.ro roaa- ao.ro 

j*** ES- 

M*r ro.ro ro.ro roro 

May ro«o 77» *5 

July 75.06 71.90 row 

Sep roro ro.70 . . 

Dee 74-86 7500 7SJTO 

to* 74J6 78AJ • — ' 

Msr 74.86 78W 7506 

May 74.86 row 

July 74.66 76TO — 

COTTOtL 50000 tb*: epa/fla 


850.4 UW 
663.9 6»Jt 
8499 »W 
540JB 642.0 

B38L2 8403 


SSCO MIA 
HU 881.0 
K&O 648.4 . 
843 0 640.0 

642.4 686.4 


LM 6625 
LBS 66.05 
1.75 63.60 

LBS 62.70 
— 63.95 


74.90 SOYAMAM •****- «» V* 0 ** 

"’"tfipp"" Orev Nigh ""Uuy 
Use 181 X T»1J 1*2.2 1» 4 

"" Jm 17 4.6 1754 755.S I'SIS 

Mar T7D.1 1708 170.5 1683 

May 7876 167.7 IB 7 5 1M O 

- . ' Jul 164.5 1650 166.0 I860 

JfZ Aug 163.7 164.6 165 0 1*3 5 

inre Sap 182.5 163.5 184 5 f«2S 

S'n Oct -662 J) 162.5 1625 VtoD 

roro D * c ,p - z ‘ ,w -° ' wa 0 

63.66 SOYABEAN OfL 
62.65 60ro«b: cants/lbs 


CRUDE OIL (LIGHT) 42JU0 US p e B o na; 
S/benete 


Official cloaing (am): Caab 3.310-20 
(3,370-85), three month* 127740 
(3.3*6-50). eatr'amant 3.320 (3.3K). 
Final Karfc close: 3.310-5. Ring turn* 
Ovar: 1.710 tennaa. 


lYastardara 

oloes 


+ or {Buainess 


ZINC 


Cash 
3 months 


Unofficial + or 
close (p.m.) — HlghiLow 
£ per tonne 

448-4 : —1.8 { 444 . 5*43 

I 449-00 | —1 I4&2A448.6 


Official dosing (am): Cash 444.6-4.76 
(446-7). three month* 461-2 (453-3.5), 
setilemom 444.76 (447). Final Kerb 
close: 448-9. Ring turnover 6.950 
tonnea. US Prime Waatam: 4343.75 
cents par pound. 

LONDON METAL EXCHANGE 
TRADED OPTION 8 


Strike 

Price Calls 
Wtonne; Nov. 


Alumin- j — | — | — 

lum — I — I — 

99.7% | - I — | - 

j Jen. Mar. Jan. Mar 

Alumin- 1,685 99 — 74 & 31 * 

lum 1,650 80 68 sets 9711 . 

99.B56 I 1,676 69 W| HUH* 1U*a 

Copper 1,800 iiisif 110 70 — 

(Grade A) 1,860 90 89 94 — 

' 1,900 { 59 71 1* laaig — 

ts/tonnel 

Copper [1,060 6H« 30 86 341* 

(Grade Ay 1.07C 48i* sot* oa 4« 

; 1,100 87Hlg 6fl 66 

TIN 

KUALA UJMPlffi TIN MARKET: Close: 
17.30 (17.22) nnggit p« kg. Up 0.08. 

GOLD 

COLD BULLION (fine ounce) Oct. 27 


Deo. 1147-1146 +7.0 1148-1188 

Marsh— 1180-1181 +6j0 liBlrim 

May 1902.1808 +4J) 12BB-1I86 

July. 1231-3886 *2J5 I222-WJS 

8ept 1289-1848 +0.5 W23-1ZSB 

Dec — 1266-1267 +2-0 128MZB0 

March 1291-1893 +5.5 1291-1288 

FREIGHT FUTURES 

I dose iHighltowl Prev. 

Dry Cargo 


Latest 

Prev 

Hfgh 

Low 

19.90 

20-06 

20 OS 

Tfl.SS 

79.74 

19.90 

19ft8 

19.72 

19.61 

19.7S 

19.72 

19.58 

1931 

19.83 

19.61 

19A0 

19.40 

19J2 

19X2 

19.40 

19 JO 

19.42 

IB. 40 

19 JO 

19-20 

19X3 

19.32 

19J0 

■» JD 

19.24 

19X5 

TOftO 

19.00 

19.14 

— — 


19.03 

19.08 

row 

19.03 


Sap 19.03 19.08 18 19.03 

ITOAT1NG OIL 

42TO0 US gallons: cents /US gallons 


Oct 1159-1 160 1169-1 IBS 
Jan, 1289-1840 12M-1U9 
Apr. 1868-1965.1282-1286 

ftjJ, lln&rBSn'iwtiaS reSn * nd rB 8»* lwin 9 °f £7.50 

roan ^ ^-moming. The ahemoon saw 

an. 1260 ^ 5Iqq ci - 00 Mil before recovering 

BFL nasi "tl 645 if22 £2TO towards does. Weakness due 

A to Bve-dey generally' fine weedier fore- 

• cast leading to expectation of good 

'« P»). " P °” 

GRA,NS Mo^i y *ss^‘i p srrrr 

Wheat market finned on shopper aup- **”' 1 . ■- » — 

port absorbing mined trade sailing in- £ per tonna 

tsrest remaining in a narrow trading „ 

range and cloaftrg steady on rastftuifan — “I, 

sesrjsssfss L^bSE ^Siia-ssitoCMLiAafio 

^rS ,, T m G! , B t odd~k? ,,0,,l *• d,y * - ss?:^ 1 ^ 1 ^ 16 ^ 68100 


Turnover; 142 (316). 

GRAINS 


Latest 

Prev 

Hiph 

Law 

57.20 

57.64 

57-64 

57ft0 

57.10 

57. BO 

57.50 

57.05 

56-80 

59.25 

57 JO 

56.60 

56.10 

56.50 

66.46 

56.10 

64.00 

54.25 

S4JS 

53-90 

52.10 

0 on 

52.30 

52.00 

50.70 

50.75 

50-70 

60.70 

sa 00 

50.20 





Cloee 

Prev 

Dec 

17 36 

17.49 

Jen 

17.SS 

17.66 

Mar 

17-83 

17.93 


1862 

1807 

Jul 

row 

18.32 

Aug 

18.25 

18.36 

Sep 

18 31 

19.35 

Oct 

78.35 

18.35 

(toe 

18 40 

18.45 

WHEAT 



8.00 too 

mim cents /60 


Cfose 

PfWY 

Dee 

298 ft 

296.6 

March 

307.8 

307.6 

Mey 

303.6 

3024 

July 

289 ft 

3*8.0 

Sept 

232 J) 

232.0 

Dec 

300* 

303.0 


Cfose Prev KWi • 
lee 296 J? 295.6 387.0 299 0 

ten* 307.8 307.6 308.4 304.6 

ley 303.8 3024 304.2 3Dl 0 

uly 229 jO 288.0 289.0 285 0 

opt 2920 232.0 2930 2900 

lee 300.4 303.0 300.4 3000 

SPOT PRICES: Chicago fasoev lard 
5.00 (up 0.90) cents per pound. 
Andy and Harman silver buK.cn 


— — 322.00) cents per pound. 


e tonne 

delivery. 

*2.50. 


for Novamber/December 
Whit# sugar $132.00. up 


IYrofd/8 
Mnth dose 


or[Ye*i’fJy* 4 - or 


NOV..., 103.35 l+0^0| 104.48 


n.M. 111,10 +0,10) lw.DV Tim imm, I » 

ar_ 11339 +0.16) 108.76 +0JB 1 or - 

»... 116.00 +0.30(110.40 +0L29 CRUDE OIL— FOB (8 par -barrel) peo. 

ly,,,. 118.80 +0.& — ,_h a |.l, . 

Pt- 102JE — : 98.60 4050 fiSIS 1 ““ ~ 

IV.... 104^8 — | 10L10 Uoja Dubai !! 17.1».17J81;-O07 

Busbiaaa dona— Wheat: New 108 -46- 2f?2 

». Jan IIIJS-MO. Mw 1UBM.16. Ig ^ 18 ^^~ 0 - Pa 


Mar_ 113.39 +0. 
May... iie.ao +ai 
July.... 110.80 +0J 
Sept- 102 .as — 


110.40 i+OLZB 


ast leading to expectation of good I | _ , 

ireada being made on lifting, reports 8 P S2® ? Bualnaea 

oley and Harper. ekMm 1 cla — j *«»• 

. .. (Yeetorrigya) PnaWoua jBuemew ’ ~~ " s n— Sa " 

tenth I cloao 1 plow | done No. 6 Raws 

£ per toon* ) JS'fcJ&J jrofl-IBa.O 165.B-HI.4 

— IS'S'lH'S' 171 . 4 - 157.1 

M*V I68.B-170.0 170 J- 171.0 I77.B T» 5 

fis — I i51]S-£ iroa-172.6 i75:».in;i 

bee...-, mx-mx liwmi - 
kfler ira.0-l8Mi WS.B- 18 M: 

- - tto. S Whites 

Salea: 1294 (1437) lota of 40 tonnes. j jRfJM! 182.6-TM.S 154.0-1 tin 

ill rt«y I W.8-M4A! (SW-aottoBaj 

,IL - Aug ......) aWLB-297^ 

bSZ — ; 

I (Change ^-“•^'-0 !39J»-ai8.o, _T * 

! Latest (+ or — Mar — 1 112J-216A! 113.0215.5' ^ 


OtOM 9469 A70 

Opening... 9480480 
M'n'g fix 9474.00 
Affn'n ftx S478 j 45 
Day's high 84604801* 
Day's low £46819 -4691a 


( 87219 . 27514 ) 

(27813-979) 

(£875.787) 

(£873.967) 


COtO AKP PLATIWMH OOIWS 

Am Eagle. 8462487 (£8«G-fl83ii) 

Mapfelaaf848fl-497 (£8BO-Z85is) 
Kr*o’r'rrd-S466471 9EZ71 3*47340 

ll Krug, -.. 6345-85419 (£142 13 148) 

I 4 Krufl....£l 30-123 (£6954-744) 

Angel. £480489 (£279-282 1 

1/10 AngelM6-61 i£26A»^94) 

New SOV. 9110-111 <£63Sj-84is) 

□id Sov.. . 51 10-11 14 (£63*4-64*4) 

Britannia. £482-487 (£380-283 1 8 ) 

NoDle Ptatt.£563-573 (£326-382) 

RUBBER 

PHYSICAI 4 nosing prices (buyer*) : 
Spot 6?.50 d (62_75p); Dec B5.5QP 
(6S.75p): Jan 66 . 00 p (G625p). The 
Kuala Lumpur fob prices (Meley/SInga- 
oore cents per kg) were: RS5 No 1 
364.0 (264.5): 5 MR 2D 254 X (asms). 


8-20. Jan 111.23-1.00. Mar 113.60-3.16, 

May 11B.B0-S.70. July 118J0-8J20, Sept bStoW? Z i “ 

untradatc Nov untraded. Salas: 259 j 

lots of 100 tonnes. Barley: Nov 104.45- . _ 

4 JO, Jan 106. 70-6.55. Mar 108.196.00. raODUCyS-Hterth WMT Europe 
May untraded. Sept untraded. Nov Prompt delivery cif (I per tonna) 
untraded. Sales: 98 tote of 100 tonnes. Premium gesofine..-! 186-188 | _ 

HGCA— Locational ex-larm spot On* Oil 1 167-168 +0JS 

LONDON GRAINS — Wheat US Dark Heavy fuel OU _] 99-100 I — 

Northern Spring No 2. 14 per cent: Nov Naphtha 161-163 | — ’ 

91.75. Dec 8CLTO US No 2 Soft Red — 

Winter; Nov 89.2. Dec 91.00. French November Petrelaum. Argue eetlmau 
11V1Z per cent, Q«/Nov 136.90 seilera. 

English feed, fob. Swc 106ro teller, CriVARFAM MC*A| 

Nov 1 l 0 . 00 . 1 »m Ote 111.00-111.Ba ^TADtMII mtAL. 

Jan/Marcb 114.00-114.70, April/June ■■■ - - — 

117.0M17.75 bwer/aelera. Maize: US ’YeetanPra + orl BuMnet 

No 3 YaHow/Franch traiublpmant East eta» ■— dona 

Cosat; Ort/Nov 133.00 seller. Beriey. ■ ■ -■ — — 

English feed: Nov 108.60 buyer. Deo • f J 


UK monetary coefficient will be actual- 
toad on the bans of exchange rate* 
for calculation period 14-23 November. 


Oita Oil 1 167-168 +08 

Heavy fuel OIL- — J 98-100 — 

Naphtha I 161-163 -7 

November Petroleum. Argue estimate*. 

SOYABEAN MEAL 


YeetenPys 

close 

^oriBuMnen 

— done 

£ 

per tonne 

Dec 1 & 16 . 18 SJI 

Feb „:M£.S-f&M 

April . I-IBU-15L9 

June 124.0-126 .il 

August^.. .. US.D. 12 L 6 
October..-. 124.8.128ft 
□eeember. T25JI-12Sft 

^IftWlKft 

-4.0HIU 
—2,0 ; 1K.0-124J 

Fi^. - 


War— -I lttJ-2164 aiS.P-ais js 

totea No 6 3033 (1653) | D it of a* 
tonnea. No 5 1690 (818) 50 

Ly! * d * ,K,,, 7 »or granu. 
wtod baai t soger was £ 214.50 'ryiarX\ 
a tonne for export. 

Intaraational Suss# .w. . 

»«s B0f pound »^„d 

town ports.) P,^ M for » 

K'ie'S? , w WJSmS 

GAS OIL FUTURES 

» »1 >"» « 10.5BT 
Final kerb dome 751^e. 

Month f B SS5T“ 


potatoes 

nervous long pQu'idadon continued 
to weigh heavily on mariem today. 
April opened t2JJ0 down before rapidly 


Salas: 118 ( 101 ) lots ut 20 tonnes. 

SUGAR 

LONDON PAIL PRICS— Raw ' sugar 


NOV.,..,.,, ; 

Dm*. 

dan....,— . 

Feb : 


UM - 
! oer tonne 1 

i ita'Js -Ht!?!-*- 1 * 7 - 5 ® ” 

! 168.23 CHlSS-ff-OUft - 


April opened €2JB down before rapidly LOWON BAIL PRICE— Raw • sugar TurneveR i«n n Tl _ . — 
felling through £150 hitting snpJosa $187 M (£10&BD). up SLOD (up 03.40) tonnes. , 0U l 0It 




5t ** 


'■ / 




\ -• 

J '• ‘ 

/ 

' a* 


Financial Times Friday October 30 1 987 

CURRENCIES. MONEY & CAPITAL MARKETS 


FOREIGN EXCHANGES 


FINANCIAL FUTURES 


Dollar continues to fall 

.. _ . 


main pn(lem > hldn8 t0 ornetaS re?oiri B Si Jt als< ? Weakened to a to be attracted more to the 
trying to defend the dollar with yen of yS than 0Lher members of 

words yesterday. W Y139 - 25 the EMS, pushing the West Ger- 

FinanclaJ leaders amonfl the rim* Sf l ! n E?JP ^ roan c “n-eney to unacceplably 

major industrial nations did nor sR5 ° f f FrL433S from high levels, 
appear to be very Dlearvri Jifh to FFr6.8250 The Bank of France sold D- 


Gilts firm but nervous 


appear to be very pleased with from FFr5 join to FFr& 825 ° ..The Bank of France sold D- 
Mr. Jacques Delore. president of , . _ Marks against the franc on the 

the European Commission who th* °P en «“**«. but still failed to 

said on Wednesday that the US fm» ona rS index f el1 to 98-3 prevent the German unit rising 

was prepared to let the dollar &?!»» iwn t * * record ^ °f FFr3.3725 at 

fall to DM1 .60. Uar n S T ERUNC -Trading range the Paris fixing 

The US Treasury stated that ir^vfL 1 1? i n°c ar ,n . 1987 » As a further sign of possible 
his comments didnotreflect of- aj^ 5 ^fi' 4 pi2hS? tembera j er '' within EMS D- 

ficiaj policy. 01 ^VAo . Exchange rate index Mark rose to a record L729.25 

mSS'oT I ftiSSr r “™“ S3 S ML 6 i^" ,Pared Milan fia- 

the French Finance MhStrv ist- S 1^7 5 *¥ u ? 79 iff ' n if d * cent to At the Frankfurt fixing the 
sued, what was described^ a sin3? K qi'? l0, K t ^ e i!?i l ^' est ^ eve * Bundesbank bought $49.6m as 
lerae statement, dSSScSin^ ir S September jpg. On the the dollar was fix£ at DM1.7360, 
self from his remarire^ ^^ ° t ^ r J’ l f nd « weakened again compared with DM1.7491 on 

In Tokyo Mr Kiichi Mivazawa. Wednesday, when the central 

isasraa ^SMjn^sara b T kpurchased - 119 ' 5 "'- 

5J£LS the Umi- SF>2.4875 from SFii47- and “ JAPANESE YEN-Tradlng 
vre currency accord was sacro- Y 257. 75 from Y238.25 range against the dollar in IBS? 

SSJS C asgreasl,e 

■tafSTBSSf £22?^ i iESJSJ * g * inst s “ 


■ W ™ Ve against the dollar 1 ^!, ,S?« 

li^S M?DdSf KS erred V* 19305 10 17280 September^. ver- |" de * 226 7 »®iinst 225.6 six 
ueve Mr Ueiors. because of the age 1.8122. Exchanee rata index months ago. 
background I economic situation 149.6 against 146 Epsix months The yen advar »=ed strongly 
invorving the US budget and ago *“ montfts against the dollar. Bank of Japan 

The D-Mark continued to ad- intervention was estimated at 

u?SSSSJS.^SS5 do «T. Jl ^“ n ^ e f. b "- ., , . .■ 


^r- 0 m j- w?ce against weak dollar J 

1 st Gen ? an causing nervousness that this The dollar touched a low of 
E5^K™^.* p P“ red w MuJd "wilt ^ strains within the Y137.40 in Tokyo, before closing 
and Ivfi between his European Monetary System. At at Y137.65, compared with 
SS y p3f^. U H e U w M ° V fSn e S UmeS doUar v ' ral “'“ s *** Y»a75 on Wednesday. 

SSSIS^Sri EMS EUROPEAN CURRENCY UNIT RATES 


Germany, ™d sog^ried the us' 
should put its own house in or- ‘ 
der. 

The dollar fell to a low of 

DM1.7180, and finished at 

DM1.7280, compared with 
DM1.7530 on Wednesday, the c«™un imm . 
lowest closing level since Janu- 5S?cS55- 

£ IN NEW YORK UliX. 


agtbta Em 
OcLF) 


"STS* 


Long-term gilt futures finished 
firmer on the London Interna- 
tional Financial FuLures Ex- 
change yesterday, but trading 
was quieter than of late, ana 
traders were generally nervous. 

The BP share issue continued 
to overhang the market. Dealers 
were generally of the opinion 
that the Government would pro- 
ceed with the sale, but there had 
been no announcement by the 
time the Liffe market closed. 

December long term gilts 
opened higher at 121-03, boosted 
by the strength or sterling 
against the dollar, and by specu- 
lation that UK bank base rates 
would be cut within the next 
few hours. 

urrc long hlT futbrss BPnOKS 

SMi CiIIs-Lei Pub-LM 

to Dec Mir Dec Uv 

» 15J« 15L31 DM 009 

1G8 13JM 1336 0 00 03b 

110 11.25 11.09 0.01 0.27 

112 938 1032 OM a*-s 

114 734 a2b 033 L04 

lib 5.45 bJ8 031 Uh 

118 43)5 537 fl«5 235 

120 2.44 4JK L20 3JM 

tiUnuM d wh ine total, Cm 3599 Pm 2603 
Pimm Hay's aprs Ini: Cnb«501b iha»309Cl 

itFTtuvnns 

t2S,ae0lawHprnm 


I Siite Cafc-L^o 

Price MOV DEC JAN 
• L50 22-60 22-60 — 

LS5 1740 1760 2740 
160 1260 1260 S2M 

145 763 0.02 863 

L70 330 4.45 535 

L75 DO 205 298 

UO QJ.7 0.77 L49 

EsUaiHad Mhmr toul, CA 109 
IpRdtmfria^aentaC (Mi429 


The contract rose to a peak of 
121-24, but fell back when the 
Bank of England resisted an im- 
mediate cut in base rates, to a 
low of 120-29, before closing at 
121-12. compared with 120-24 on 
Wednesday. 

Three-month sterling deposit 
futures followed a similar trad- 
ing pattern, opening at 91.48 for 
December delivery, which was 
only siightly below the day’s 
high of 91. Su, as traders were of 
thp opinion that the Bank or En- 
gland was about to endorse a cut 
to 9 p.c. in base rates. 

The failure of the central bank 
to intervene in the money mar- 
ket before lunch meant a cut in 
rates was not welcome. Bills 

uffc os TacASon bond ni T iwg aprons 
Strike Uh-Ut Patk-Un 

Fnu t)rc M« Ore Mar 

73 14« IiS4 OM OM 

72 14.42 13.60 CUM 032 

74 12.42 12.06 0X0 032 

76 10.44 1031 0.ECJ Oil 

78 847 a 43 as a 59 

GO 645 730 033 U» 

82 5.09 541 031 203 

84 Ufa 4J8 OSS L54 

ewiMtcfa nte wat Cam 275 PH 3J9 
PmtMdv’ioecaU: CMM2230 Putt 1912 

UFTESE e/i w rong 

euniiaapra) 


were orfered by the market at 
unacceptebty low rates, which if 
accepted would have triggered a 
cut. 

December short sterling fu- 
tures then fell back to a low of 
91.19. The contract closed at 
92.27, against 91.24 previously. 

Dealers said although there 
was disappointment at the lack 
of a base rate cut, lower rates 
were already built into the mar- 
ket, and there was general confi- 
dence that the authorities would 
not resist for much longer. 

December US Treasury bonds 
fell to 86-21 from 86-30. but fin- 
ished above the opening level of 
86-19, in spite of the further 
weakness of the dollar. 


UFPC PT-ff UQ INDEX fUTOES OPTIONS 
Strife CaU-Lau Piu-Ust 

Pm No* Ott Nm Dec 

iTooo am o.oo 

17250 aoo 0.00 

17500 0.00 0.00 

17750 am om 

woo om am 

182 S 0 ooo am 

woo am quo 

ia750 am m 

EiUratnf fetofe lout Call* 4 Psb 0 
P i- N i l mtfr BW me tour to hulfafa 



KEN SHALEEN'S WORLD FAMOUS 
TECHNICAL ANALYSIS SEMINAR 
THE BARBICAN CENTRE 
THURSDAY & FRIDAY 26lfi & 27th NOVEMBER 

The i wo day seminar will include interaction of price, volume and 
open interest.- Reversal patterns: Continuation patients: Gap theory. 
Fibonacci numbers; Elliott wave theory and many more aspects of 
Technical Anahits A Charonc. 

The seminar costs £300 including luncheons. + a complimentary cop)' of 
Mr Sholcen’s book 

*' Technical Analysis & Charting," Trading 
Fall details and bookings via 
Brian Reidr & Associates LuL, Ftaoladoa House. 
Feochurrfi Street, London. EDM JAP. Tek phone: 01-626 182S 



Appointments 


MAR NOV 
2240 am 
i7.to ore 

1X09 OjQI 
Ufa ai5 
630 1_02 

398 345 

2-35 749 

Ms 30 
Pan 1356 


.PHILADELPHIA SE E/S OPTOKS 

euaooMipHCi) 


L7235-L7245 
038-027 pa 
045-aSlpm 
160-130™ 


CkugK «* to Etu. tfefetav (WsWfe cftwge (Names a nuk oamey 

Mwafat ntattli hy Fhan&N Tim. 

POUND SPOT- FORWARD AGAINST THE POUND 


Strife 

Price Nor 
1475 1440 

1600 1230 

1625 9-BO 
1660 740 

1675 535 

1.W0 3J5 

1325 140 


Crih-Lcj 

Dec Jm Mar Nor 

1460 1460 14.90 030 

1230 1240 1235 030 

0 1030 1C6S 0 

860 B30 am 0.10 

5.90 660 720 035 

430 am 5.70 0.95 

240 3.70 tAS L45 

13583 Pad 3575 
nac C«as 104909 Ptai 75557 











Pote-Uu 

DEC JAN MAR 

DM 031 

063 0J9 057 

014 040 129 

077 144 246 

220 32b 450 

440 5JB9 738 

842 940 1055 


PuUAaH 

Dec Jm Mar 

0.10 020 040 

020 045 135 

0 080 0 

060 130 265 

1120 205 2BS 

205 245 345 

360 460 565 


Strife CaBb4fet 

Price NOV DEC JUN UAR NOV 

145 12-90 

150 2060 2060 2060 030 

155 1560 1560 ■ KUI 030 
160 1060 1125 1060 11 M 030 

165 630 660 660 720 0.40 

1 ro 245 330 340 520 165 

L75 120 140 

EmmukI raknc nuti. Cafe 913 Pots 139 
Plefen CSV* «P« <nt CMS UfA PhUI 

um- omooLLUi opthms ' 
sfafefeMMQfc 


Strife 

Price No* 
89.75 274 

9060 249 

9025 225 

9030 201 

9075 L77 

91X0 154 

9125 130 


CHII4M 

Dec Ja> Uar Nw 

261 222 200 041 

238 201 LSI 061 

216 141 163 002 

1.9* 162 L46 003 

L73 L«3 129 OM 

153 125 133 06b 

134 169 099 067 

natal Cafe 130 PnO 
mine Crib 2725 PaaZRB 


Putt-Las 

DEC JAN MAR 

270 

030 030 

030 050 

0.50 040 130 

160 165 260 

240 360 4.75 

1730 


Pub-Last 

Dec Jm Um 

030 023 042 

032 027 048 

035 032 055 

Olfl 038 06J 

0 22 0.M 0.71 

027 051 080 

033 060 0.91 



A leading international investment group requires individual with know- 
ledge of trading and selling equity -linked securities and derivative 
eurobond products, to be based m London as Coordinator between 
London and Swiss trading un-v Also responsib'e fc r mentoring arbitrage 
and edge book for equiy warrant and convertib'e bonds of Japanese 
Issuers. Position necessitates person, earty-mid twenties educated lo 
degree standard. NYSE registered, fluent m German. Ergitsti and Frencn. 
with mo/ougn knowledge of Swiss Slock Exchange and Swiss Franc 
denominated bonds and warrants Salary negotiable 

iVnfe Bex A Q7i8. Financial T,rms 
JO. Canncn Street. Lenocn EC-iP <5Y 



CHICASO 


Company Notice 


THE DHNM COLD STTHUCE 
OF SOUTH AFRICA LIMITED 
(iKorporaud Hilli Bmfard UCnkry fetfae 
RcnofaUc M Saudi A»<C4) 

Rtf. No, 026l31ftCte 

NOTICE IS HERESY GIVEN mi Ofeidcwl No. 39 
of 70 etna per «hu» tw Mn ApcImm payable u 
vunhoMm (egtenvO lo ife bom ol ihe awpaiy 
st die doe ol bminea oa 13a N Member 1987. 

The OirUtene n Ontma m dw cuirency of Cac 
RepubBc Of Scu 4 b Airies snd Mrnss id pmtneni 
will be posud no or abooi In December 1987 from 
We Hufl Office end the LoMoa Outer. 

Pe p atm *roat dir London Olflcr fell be made tn 
Untud Ktngdom mitu.; a dir rate of irifeR 
Mum Om m cwtcikIh al nfech uk led) to 
mm fe fei wH from (He London Office feB be 
remitted on 16d< Motfe nb er 1987. 

A NonJlmUrm SwiMMenr 1u of US mil be 
dedocM from addends Nibble a nurerioldtn 
feme kUrnui m Or Slur Hrgmeri err ouwoe 
(hr RrpttMlc of Sooth Africa. Wsrrmtt de-6Mtn«d 
from Or London 0Hn» u penom 'omw in Cren 
Britiia or Nartbefri Ireland nil Be uibfra ro 
dtOialon of Unfed naedom Income TuBinn 
u be em«ed at riier allofeiq for rebtf la resect of 
OMfSees (atailML 


CLASSIFIED 

ADVERTISEMENT RATES 


B« OnJrr ol dir Band 
FINANCE CORPORATION 


trsoin-.mrr.a 12 50 43 00 

Cbmrrertidl jrtd 

Induilrial Pmeny 1260 41,00 

Sstcroj/ Prawn) b CO 25.00 

Reti5enu2l PrCjcrry 950 3260 

Biivntu 

Oppcr.aniliM 13 03 44.00 

(Hriinra lor 

SaifaWamea 12 SO 41.09 

fvrvaml 950 32-00 

Mdl£t Cdr, Tra.el 9 50 52 00 

Cararsrj. Tfidtn 11.00 41.03 

Bock Ps^e — 22 03 

Pirn — 3530 

Premium povfaoroi a*a>lJEir 
£9 per Sns ! e Cduim cm euro iMm 30 o»5) 
■ All pr.Ln ciclude VAT 


F:r 6-ryier « »-itf :.v 

Classified Advertisement Manager 
FINANCIAL TIMES, 

10 CANNON STREET, 
LONDON EC4P 4BY 


VALUE OF 
DOLLAR 


VALUE OF 
DOLLAR 



nrtStl 

Kona (nardi) . 
Kmabodffe). 


Uferta 

Ub«« 

Uecfaerueta. 


%qa5Ufiq 

AssKrafflaa S 

Wfe 

Wm 

Kawatd Dtaar 

few Hp 
l e baa e w t 
Matad 
Ubcrtn 5 
Linton Nor 
Subs Franc 


UfetUve. 

Mauritania. 


C.FJL Franc 

HaReso £ 

Local Franc 


MriatUan Rape* 
M ex i can Pete 

Loaf Franc 
French Franc 
Tonrik 



£5 

UfewJjrrr' 

■ a. 

ricdrrtaod AntlBn . 

NevZolwl 


ssast 


SJL Rand 

AuRraUifl S 

cSufe* R> * M 

AhUUm Gander 
NJL S 


C.FJL Franc 

Hun 

H di fewUn Krone 
Rial Omani 


86438 

131741 

14030 

22017 

2519 

1030 

294*5 

2.9718 

5 £95 

7*60 

13.02 

rl630 60(d) 

U62faJIHe) 

5.393 

5693 

zm 
B . 10 
40460 


00060 
{ 7063(0) 
*a9060WJ 


Paustaa 
Panama — , . 

Papua New Guinea . 


fen - 

PWllppInw 

PHsurn Is-aadt 

Poland - 

Pwiapri 

Puerto Rica 

Qaur — — 

Reunion We de In 

Romania — ... .— 

Rwanda 

St Ch rtTnf fer — . — 

St Helena 

Si Lucia — 

SI P1*f»» 

Sf Vraceni 

SainoaiWesera) ■■ 

SamoalAml 

San Marin 

Sao Tcmr & Princip DR . 

Saa* Arabia 

Senegal — — — 

Sejcheilet 

Sierra Leone 

Bnwi«»_ 

Solomon hlaaas 

Semak RepsbUc 

Somo Africa 

Spain 

Spawn Pons In N Atria 
Sri Lanka 


Surinam — 

SwarUand. 

Sww fc n 

Swftarrianfl 

Syria — — — 

Tanzania 

Thai Lari. 

Toga Repnbllc .... .... 

Twiy IHfllMj 

Triwdad&Tobagn — 
Tionla 

Turkey _______ 

Tuna & Caicos Wands . 
Tinulu _______ 

Uganda _________ 

Untied Arab Emirates _ 
UntM Ungdom 

Vanuatu ______ 

Vallcap__ ..._ 


Vietnam 

Virol* Wands (BrtiBJO . 
Virgin Idnns I US) _ 

Yemen 

Yemen PDR 

Ymmlaria 

Zam RepMc 

Tambia - ■ 

llmbfewe .. „ .... , 


Palo Ban Rope* 
Balboa 

Kina 


I ml <0-n4) 

ImJ irf 
Peso 
NZ dollar 
Ztotylo) 

E»*b 

u.s. s 

Riyal 

French Frans 
Leu id 
Franc 

E. Cartstaiu $ 
Pound* 

E. Caribbean S 
French Franc 
E. Caribbean $ 
Tala 
US I 

Kalian Ura 

Dobra 

Riyal 

C.FJL Franc 
Rupee 
Leone 
DoUar 

Dollar 

Skilling Id) 

Rend 

Peseta 

Spanish Peseta 
Rupee 


CF-A. Franc 
Pa'anj* 

DoUar 
Dinar 
Lira 
US 5 

ABtvallM Dollar 
New StdlUng III 
Dirham 

PWM Sterling* 

Peso (mi 

Rouble 

Vria 

Lira 


72060 

U260 

2130 

1674B 

29960 

19030 

LX 

3641 

5693 

9.00 
706%5 
270 
7-703 
270 
5493 
270 
26542 
160 
327320 
3440fa2 
3.751 
29465 
56008 
2260 
20745 
L994 

100.00 

n.smtn 

*26292ld 

11463 

11463 

3042 

l 460lf) 

L7B5 

20292 

6-245 

1.449 

3.925 

29.98 

7241 

2S.70 

29465 

L4286 

360 

041 

95348 

160 

1.4284 

5841 

3673 

1-703* 

2Sfa.75(ja) 

06233 

107.791 

127340 

d 4J50(o> 
-50Cn) 
3.75(c) 


_ W« ro aMde..to) Mfetct m. *M M m per Nrikwri Cwrenr fetL (a) PatriM rate, lo) Official me. (W Fkatthw ram. Csl Ccnwertlal rate, fdl Freemarim. ir> CunrriM. (0 Financial me. lo) 
^ tragsaolai dae. UJ Ayteritaral prwtefc {JIPTrortty rate, tn) Escntlal imuorts. tp) Eaporta. Cl) Sudan. 4 Oa S7; Panri 

g ~*— 1 — — ****"7 1 — 1 — 1 ' Prrfrnl f l nn i l i j 


f cm; va| 
0C708EH 1 





























































































f 


*;/• +£•&: 


FiiuntM! Times kndjy (KiitfW )4H*#\7 


WORLD MARKETS 




Jointly compiled by the Financial Times, Goldman, Sachs & Co., and Wood Mackenzie & Co. 
Ltd., in conjunction with the Institute of Actuaries and the Faculty of Actuaries 


WEDNESDAY OCTOBER 28 1987 


NATIONAL AND 
REGIONAL MARKETS 

Figures in parentheses 
show number of stocks 
per youping 

Australia (90) 

Austria (161 

Belgian (48} 

Canada 029) 

Denmark 138) 

France 0223 

West Germany (93) 

Hong Kong (4b)-, 

Ireland (14) 

Italy (95) 

Japan (458) 

Malaysia 36) 

Mexico (14) 

Netherfand (37) 

New Zealand (23) 

Norway (24) 

Singapore (27) 

South Africa (61) 

Spain (43) 

Sweden 04) 

Switzerland (53) 

United Kingdom (333) — 
USA (583) 

Europe (949) 

Pacific Basra (680) 

Euro- Pacific (1629) 

North America (712). 

Europe Ex. UK (616) 

Pacific Ex. Japan (222>— 

World Ex. US (1833) 

World Ex. UK (2083) 

WorM Ex. So. Af. (2355). 
World Ex, Japan (1958)-, 

The World Index (2416)_ 


Base wakes: Dec 31. 1986 » MO 

CopyrigM. The FtawctarTtae^ GflMnun, Sacks & Co, Wood Mackenzie & Co. L&L1987 
Hew York market dosed a IkSKUn. tool toe October 27 atd 23. 

Latest wtaa were mailable hr (Ms etMon. 


EUROPEAN OPTIONS EXCHANGE 


May S B 
Vol. I Ua 


Local 

Currency 

index 


TUESDAY OCTUMR 27 1«7 

US 

Pound 

Local 

Dollar 

Sterling 

Currency 

Index 

index 

hates 

103.70 

90-65 

9839 

94.48 

8259 

8661 

Z0&61 

9360 

9734 

99 SI 

8666 

9467 

109.44 

9567 

100.77 

86-37 

7563 

7965 

83.91 

7335 

76.93 

9234 

80.72 

9237 

U7£7 

10266 

10969 

8127 

7165 

7739 

13005 

123.69 

116.40 

115.50 

100-97 

1)711 

24338 

21764 

446.41 

99^8 

86.79 

89.95 

90.44 

7966 

7769 

228.94 

222.71 

214.41 

98.97 

8661 

94.75 

134.46 

11734 

10316 

13QA5 

11568 

12465 

110.77 

9663 

10270 

84.78 

7411 

7643 

118.29 

.103.41 

10341 

94.99 

8364 

94.99 

ioua 

12762 

8830 

11136 

90.70 

11460 

117.02 

10^29 

10519 

9533 

8364 

9561 

9039 

78-93 

8292 

9829 

85.92 

9430 

11667 

101.98 

10563 

107^9 

93J9 

10136 

108.09 

94.49 

10148 

9764 

10626 

8533 

9464 

93.95 

10132 


DOLLAR INDEX 


AUTHORISED 
UNIT TRUSTS 


Attc* UnRTiL Mngrs. « 

80l l a Mu ia w« ia.e flw aigBudi 

BSSS-. :« 

SMfcrJSB! 

KriMkBM :1HU 

I CwttdUrerti 


8 SS&hu-jS| 

es S SSU a tmKL — tBB H* w u ,' + 

*+■ Cnota Ute Matt Trust Mum- LM _ 325to’^.“;Sfc 

- *“ HwatenteHm SSeet Flnfttef A Si UN 

-»» iSS3l ! if of 8 SBSfteSr 

ss 55 £Rrrt=3ia s ■ci as feasa**gg 

£ J* CwftM Bww UI Frw^dtwCraWfA), 

. :o l nocW4,MMir(.IM98N» _ 3 i«w war Srin EM* S 


Cut iii ppm t« W 

' * »VI *.*«**y+*i~- •/ * l 5S 

■rta . *^? -iS 


N»*!J 

: w 


£ id asaKisjnsiv'iiweg 

«S5»-::-£5 =* 

- 1 Kiyfdal WfwW MfW 

a* 5? 

n«ussn 

H KkhMwtBanhigtMUdfU 

.Is is MMK&msni 

isj 4*9 hMnte* r 

-w ik mww ;«■ yfs 

-M tao ■•utm*** fjij 

«U> SH UHfl.tiN yt* 


FnodagtnfirMPfU 
3 IMS* "JP «•» MR 


w»r r a u 42.0 u> ta 

MB« Utota*tali UZJ lgM 05 LW 
CMOnm—^dJ |U| JO* IS 

‘S S aS 

g^ T^^l uiB Mini a? z% 
T?S m i 710 Of - 

Mxgrrtmg— . , -ra* 7131 U 279 

“!tSS£S5!!lfLZjH«3 151 ^ £! 

j£SaBSt=!S!i i5f Si J2 

tsara&teQ— — '3fe-9 Slit U« AW 

AMrort M miqi n II nT Ltd 

IfithansTemcc.XPetdwnAWiai BZ24&33079 
UWBtlUtfae«WFa_l»Z 3aod 5? $2 

«8HT£ttqK “S 

Mmol Etta intMEZjSU XW *LU US 

AEtaUrttTnntsUdUXbXc) _ _ 

«0€ _ 01-O76*"* 


{£ ^ oi-7C2B87ti. , DeKawoaooaam iwitr = 

•£ CTMX ‘»J 77« ...f lit t «Qgr :«■» 

¥ « SSc-=^^ Sil r.j 25 «5fe=-Jig | 
g g =i K 5SS, T ^i7T-3^ 

2-* E«««W_ -p.e IBM „ ■ It] CaWWMO-X- 

H; m KM Ctn lac*' UJI'JI — — ,3*7 

jJ., KbWtM )5o «3 _J Uo ^0 - , — — 1 5^5 

ui> IB CmU IAbmI HmL IK 


K! " CapH (Antes) itopL Ltd 
^ jB P08a5«.A.BM>KwKB3Aai*ad8U 

^ » as — — aa is? is 

NwaawfttMU]— ;wo aztS t* 

Capital HwalAft Trust Itoort 



■O LM 
•ui *n 



«74l _J US Cjc**»rd iJJO 

JVV 

(cn^.w '--SSi 

lousttu 

sS a is 

-ms aSfSKzrr:® 

DaonsaBooassei 'H’uj 

IMI -U, Z*J . ;OtO 

-ojj «re? 

nu -ail la i ucwqf-w m* 

53 oa no 1 issue c*w — . 


»jn it 

*m; ip 


tr.*Z»4MT 


r» 
is; oA 


I s awfeaK; «® 

* *« rjpeanehiw 

• <• mMaMrAtejni 


Robert Fraftr TmR MyL I 
jOAamw* S». laadoe Mri 


«s ;sn «*a 

•on >« [luuaueitww 

«• 40 mMaWiahuPt 
— Awwjiiu... — ijy 
-f» — twwen w w p wtnnu^'.g; 

- iwww 2? 

■*? - t ne w T -<t. w* 

■0 b M TleUM iMw U7 1 

a re witwi 

tn «ox# w- 2** 

« ,e iS'Sr;Jf 

«-«3fn 5Sfj5S^ H - J . t . i ?8 


JSS :S o” Cent. Bid fin, of Church rif-linffi 

7T.I 03 Z3J M>Mwn — 94143 I ... i 137 


-OS 23* tn«raWVSSQ » 941*9 

■C9 2W FwtimSuoUpX—J DW 

.»*■ *7S htMfatIC I IX£0 

iw *3 Ctotott uldw MS 

-»f 33OwWauB<SMeL(X«K0AS 


OtwewwiwoaM^T ujo 
0» cewnwr. auaaa3 as* 1 

Cbw«e» OTficW teml .it. 

5w SrsraSnMlMOeCCZrSaO , CQ-SMX813 if. 1 

S w lien’-nx : SZ»87 I J7T US =?£*?■*=* Si 

t*. if ta»s«* : u«u* i .1 - ?*S5rSisi»E:-,S3 

•54, Chase MaoMtCn Fmf Mw Ud _ 

-cs» uu P0Bal4.CslnvSt.lo<wniEC2 ^ 01724 7707 U . .:;»a 

■3JK 073 S4CSwcl.a .43Z U* _T 031 rr rcCu'S;. — ,J«4J 

ii 5S MireiBrJwwe-L.aj BM _ , - 3c __r 

»7-i 1? 6«iean 12‘ S-M ._ i _ Ftoitf. IB Cwr 


"~TT5r fad* 5srf. WJWW*. m 

;:. j 1023 D nr nr firs ililU. A 

—3 wo 

rp.lrtC<- .»J 

0. tuin imZ 

BX43BSU8 .'*JJ 

, «M ,« I 

ri 35 S. r fiSTA--=!|B 

SiwMM.. ..i’ 


r n? *.tw ,*yj 

'-- IP utlmuiM- Wl 

01-7247707 30 *=jrf _ :j»3 

— I 931 rr pkCu^Ss. — . 1*47 
— Se fcm... — — 


BASE LENDING RATES 1 


Vol. 

473 

Last 

19.50B 

Vol. 

Last 

243 

830 

20 

! 2650 

336 

5 

163 

15J0A 

329 

210 

1B5 

1U0 

12 

ISO 

45 

5J0 




50 

, 950 

291 

5-50 

17 

I lb 

25 

19 

20 

2L50 


46 

2JS0 

1150 

4-30A 

32 

OJbO 

1310 

0.70 

14 

040 

81 

035 


o_ 

45 

030 

85 

230 

476 

330 

21% 

3.6 0 

253 

5J 08 

107 

6508 

230 

7300 

E$ 

11.80 

105 

1250 

<2 

1640 

48 

16308 




to 

*0306 


SI « 
bS 630 
U 8308 




_ 

20 

88 

220 

73 

31 

LS0 

— 

72 

b 

24 

13 

10308 

— 

101 

14 

— 


AEGON C 
AC EON P 
AHOLD C 
AKZQ P 
AMEVC 
AMEV P 
AMRO C 
AMRO P 
ELSEVIER C 
ELSEVIER P 
GIST-BROC C 
GIST-BROC P 
HEINEKEN C 
HEfNEKEN P 
H OK OVENS C 
H0060VENS P 
KLM C 
KLAt P 
NE0LLOYO C 
NED LLOYD P 
HAT NED C 
NAT NED P 
PHILIPS C 
PHILIPS P 
ROYAL DUTCH C 
ROYAL DUTCH P 
ROBECO G 
ROBE CO P 
UNILEVER C 
UNILEVER P 


TOTAL VOLUME IN CONTRACTS: 55.7S3 
A “Ask B-BM C-CaB P-Ptt 


Jhj 

4S 

l 88 

6 

Ao 

3 

r. 68 

730 

J* 

7 

88 

830 



26 

3250 

_ 


30 

450 









469 

2250A 

22 

24 

23 

28 

13 

1 

56 

250 


— 

66 

1250 





61 

14 

128 

270 

6 

4.80 

2 

5 

81 

450 







413 

040 

20 

150 

— 

— 

20 

1650 

86 

1750 

7 

1750 

42 

050 

8 

L8Q 




264 

7 

4 

8 

25 

850 

108 

550 

__ 





59 

850 

Z 

11 

— 

— 

148 

1 

3 

240 

10 

3 

167 

419 

230 

L40 

2 

58 

230 

4 

350 

172 

280 



— 


10 

430 

49 

750 





66 

2350 

1 

Z7 


— * 

109 

210 

57 

350 

6 

3.40 

m 

18 



100 

1850 

671 

230A 

187 

320 

68 

4 

502 

4 

005 

530 

312 

6 

546 

680 

58 

1250 


— 

340 

1150 

31 

1450 

4 

19 

125 

950 

— 

— 

— 

— 

365 

1250 

— 

— 

— 

— 

152 

630 

381 

950 

20 

1250 

541 

3350 

— 

— 

— 

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FT CROSSWORD PUZZLE No 6,469 

CINEPHILE 



Elite Nazionale per PEnergia Elettrica 
U.S.S300, 000,000 
Floating Rate Notes Due 2005 

Unconditionally guaranteed as to payment of principal and treergg by 

The Republic of Italy 

In accordance with the provisions of the Notes, notice is 
hereby given that the Rate of Interest has been fixed 3t 
7.59625% for the Interest Determination Period 30th October, 
1987 to 30th November, 1987. Interest accrued lor this 
Detenninanoo Period and payable 30th November. 1987 will 
amount to U.S465.41 per US.S10.000 Note and US.S1.635 JO 
per US.S250.000 Note. Total in terest payable value 30th 
November. 1987 wiD amount to US.S371.&1 per U.S.S10,000 
Note and U.S .59,295.98 per U.S.S2S0.Q00 Note. 

Agent Bank: 

Morgan Guaranty Tost Company of New York 
London 



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ACROSS 

1 Don’t kill the enemy, patient 
man: it can be done by moon- 
light (54£) 

10 Watering place, otherwise 
than dry? (7) 

11 Old Scots county family by 
Antarctic Sea (7) 

12 Object or putting oxygen is 
beer? (5) 

13 Boy takes in magician to get 
things moving (62) 

15 Lofty sounds, perhaps, make 
craniums go out of order (5.5) 

16 Spanner needed for car 
chassis (4) 

lSySO All of thirty feet down, as 
Shakespeare said, could be 
Alf (fifth volume) (4,6,4) 

22 Flourishes with cooler 
people in taxis (8) 

24 Fixer of the attention, maybe 
(5) 

26 Girl on the moor? Put her 
under the grill? (7) 

27 Strong point: Parisian’s good 
about sparkling wine (7) 

28 Digger goes to Western 
Australia in change from 
Vichy (7,5) 

DOWN 

2 See 8 down 

3 Gas cooker without oven 
calls for cook's criticism (8) 


4 Repetitive archiepiscopal 
dress (4) 

5 That little bit extra for a king 
sheep in power (10) 

6 Girl's name for article in air- 
craft (5) 

7 Soup for Queen’s relation (7) 

8A9 Maybe 14th and 80th food’s 

piping: consumer must be 
judge (3^A3.7A2.3.6) 

14 Corollary of divine forgive- 
ness may cause accident (5,5) 
17 Rambo is a bad thing for 
spirits to feed on? (8) 

19 Stretcher of the law? (4£) 

21 List of goods fit to utter? (7) 

23 Pale like a female (5) 

25 Early victim of a belly dan-| 
cer (4) 

Solution to Puzzle No 6,468 


aanaaiu ansHaasa 
EU.G1 a - 0 0 3 a 
gaaaaa Qaacjosna 
a □ an a 0 a □ 
nanaasaa ■ ssmaaa 
n n □ n ft rn n m 
□aaaransnaaa 
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nantsasa nsaa 
a. a* a a n a 3 a 
uaaaaa aaaaawsa 
□ □ 0 aa n 0 m 
[aaQ3Haa0 naanan 
a n a a a„g a 
asananma aaaaaa 


Bank of Montreal 

(A Canadian Chartered dank) 

U.S.$125,000,000 
Floating Rate Debentures, 

Series 6, due 1991 

(Subordinated to deposits and other fi ab &rie s) 

Notice is hereby given that the Rate of Interest for the six month 
period 30th October. 1987 to 29th April. 1988 has been fixed at 
8W«i per cent. The amount payable on 29tfa April. 1968 will be 
U.S J407.60 against Coupon No. 13. 

Morgan Guaranty Trust C ompan y of New York 


: PLC frleta iTreite 

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Wells Fargo 
& Company 

U.S. $150,000,000 

Floating Rate 
Subordinated Notts 
due 1992 

Ip accordance with the 
provisions of die Notes, notice 
b hereby given that for the 
Interest period 
30th October, 19S7 to 
30th November. 1987 
the Notes will cany an Interest 
Rate of 7-475% per annum. 
Interest payable on the relevant 
interest payment date 
30tji November. 1987 w3l amount 
to USS64-57 per USS10.000 
Note. 

Agent Bank: 

Morgan Guaranty Trust 
Company of New York 


BANCO Dl ROMA 

US$150,000,000 
Ftosttag Rate Depositary 
Receipts doe 1992 
Notice Is hereby given that the 
Rate of Interest relating to the 
above issue has been fixed at 
7.4125 per cent for the period 
30th October 2987 to 30tfr 
November 1987. interest pay- 
able on 30th November 1987 
will amount to US$63.83 per 
US$10, 000 Deposit and 
US$1,595.75 per US$250,000 
Deposit. 

Agent Bank: 

If organ Gnaraaiy Trust 
Company of New York 
London 



+U 2.74 "*■* BM Maagm Ltd 

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it>tf BON SHARE SERVICE 


AMERICANS— Continued 


1W7 

Hi* Low ' Stack i 

W i ZlVfcpNfOwJ, 

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37^ 225jTwn«oS5— _ 
320 ] 14V2_Co.i09tLaS«fcfl-S-J 
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7<a] CJ^fTire* Inc SI 

2M 11 [Trust S033_ 

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l^tTranwariCCafpS I 

274 12WTRI NOVA Carp. | 

w.ii lzyousssi 

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334 2&4USWMtl 


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374 lByWodwoitti I3«s ! 

CANADIANS 

W!i |249 d jABM Gold Carp l| — j 24% 1-11 
ZMjllki WAbbtnDvcr® Coru.J 30p I ... 

• ■ ■ a**. 



lB450ta 


ir. Samek P« _J 
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i LdR*ive — 


i Ei Din. 

k. Montreal U 

la. Nora SccUl 

ISmIbCEI 

rVtUrtS — 

Srascam 

rBts. 
Ump-Ek- S2_ 

n. F»h B 

3a Inc Deft ODO — I 
|332p ICeorM CreiUT ’A 1 0 — | 

dtatewRei. 

]c86e DcrlanlKK 

|75*p |VEdioBarHnc 

Encrgo Minerals 

I t6p (Eoro-Aila Capital Ltd. 

jzibe ifGalaetie Resources— I I 

a^pjeioMI Data Sysuns — l 
309a Granges Erolrfl-. 

IQS Wui Pacific Rh_ 
b44p WGnll Canadail — 

7B2s WHutker Sid Card — ( 
*Uo [Hrelys Group 


dnos 



loOson’sHar n- 
Imprral DUE — 


. Conn Res..— J 
Finland Ha. lias SI — I 
SLacara Mires} CarolJ 
29? [Madrtmne Mines 

55p WMina>clio train. ■ 

45p »NBil Busmen Systfi-j 
»p JHrraai Goter*Ws_J 

Me WfroAlga.-n 

12 lflcralB.Cae.1l 

1350 (Moyer Cole Mkung | 

29<|[5el»MIII 

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Icn» 


7oroeto-Qoai.6k.il 
1 19s j9Trans Attanfcc Rss II -j 
JtA2ji WT rare Can Pip* . 

IU&S Warrtr Corpt — 



66Zp 

Hip 

BANKS, HP & LEASING 

i I Uwi u« | |r«j 

Pita I - I net I Ctrl fir’s) P/E 

147 |-t> lsaS37d2.il 15.4! 70 


Stack 


178 telfirflreh— I 180 1+5 IC4L6V 28 74 U 

nO'jfcKetnrreFT.lO 1 OOy-:, I 'K- 7 '^ U 1 7.7 6.1 

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84 ErjSarttrtH.lle — i « .. ..r “SZ-Cf — — 

£2fi*,lEancoeeaiCiaoSJLl 08 j-t. ^038%, 3-0 j Zb |129 


C3‘’‘aanco re SaraanOcr _j BVn .. 
ITS >aniilnlBrflr£l...J 180 &5 
EllHEarV Leuaii 1 £35 


740 Bi-LeorafUKKl — 350 I. .. 

385 licwScmOrtE 478 '*10 

89 jBrehrfWaiet 73 . .. 

4ZB Barren £1 473 +10 

35 fe«K»narir2C3 54 -1 

540 iBroonSMrrn — 340 

EO BuuaecMonTu — 80 . . 

280 taler Altai £1 3(5 -3 

117 j+Ctaoiry Seairfiei.- 2S -20 
H5i4Cownera*BMlQ_ £15^-1. 
£18 IC'lta.Hba.KrlOO — E20 


_4.U4£ 27 1_8 1200 
uQli9Ft2.9 | 7J I 6* 

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t’65 34 1 4.7 85 

♦nT.41 22 > 45 13.8 

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251- 
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| 235 Hj marts 2Gp. 

Hill 5amael_ 

HH6Se*ra.HK52-50J 
411 ijUoseah < Lro 1 U _ j 
134 ITGimi 5 Slaxsofl 20p _) 

370 [KJemwon. Benson L 

238 tierfc a 
183 ptCoraSS 

338 Midland £. 

260 Morgan Greirfell □ —I 
126^8* Aua. 3k. AS1 

«8 |Nr_WesL£l , 

□23 toanman Bank £20— (£2 
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iRuOnduM (J) Hldgs^ 

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167 iScantenaiBklMts-j 

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105 rtSB. 

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I 308 wurtarq (5.G.) 

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1290 MkarenZDo 

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44 Cattle’s iHdsuIOP -I 
1 132 Con* Lease Fin SOo_| 
j £50 Ce B’sre FrlOO 
29*j Etaity&GenSo. 

73 Lbo. Scot Rn-lOp — I 
58 WooreacMerc-lOp^ 

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BEERS, WINES & SPIRITS 


28 3 
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BUILDING, TIMBER, ROADS 


C49 
360 
355 
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75 
155 
570 
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94 

290 

252 

■322 

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148 

875 

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315 

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278 


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291*4 
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281 
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42 
258 
273 
215 
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310 
182 

150 
192 
102 
593 
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573 

151 , 
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190 
396 
154 


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lAnBtoUtd. 


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BUILDING, TIMBER. 
ROADS — Coni 


1987 | k WT 

Ml* Law ! Stock 1 Prta ! - 1 

430 1 26ffifHiggi & Hill 1 303 |-2 

192 . « iHoware Hkt#t lOo. J 7Dt-3 

245 I 92’4ttsujck JontEtfl J 134 +7 

3b VlmnlArecaCea — ! 51k) 


Of ‘ I'm 
Met iC’iriGr't.P.T 
tn7£ 2.9 ; 3.4 i33 
10.98 45: 1.9 It. 3 
n30l4|33 i’.OJ 


470 LtuwU.i. 


830 


63 i?.taTi"SsASJO — 65 -3 
116 ridcmeuP: 10D _ 139 1+3 
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243 Q^nqUeftn) 1 247 [+2 

170 tarjniUJn ! 31# -10 

88 I 105 -3 

112 Oo8ipcCiT*ftdMUj 138 


77W 4iyUryiFJ.I 
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334 199 :Lortltrv. J.i — ! 229 >-4 ! 

676 396 •McAlpme iAllreUl_J 46$ r-l5i 

‘UD 309 iHcUfttrS Store 20pJ 03 

293 120 4MtUu9h«8H— I, 232 

«b 170 iMayin 1 173 

413 1324 iMancmiHicgi j 32S 

145 HTjiMarle, 1 141 

368 lies tanluUt Paid as — I 288 

341 1 188 Itteram COM 230-1 265# 

«78 i 2b6 Mejerlr* 1 349 

170 i 38 iMlllertSarUCD — .’ 75 . . 

543 I 305 'Mp+tan (J 1 1 329 '*4 

£12 795 HewarjhaiEl ; £UTq . . | 

24( 158 iNewnan-Tatts 1 122 1+2 ' 

165 I b3 iPenonmon 13p 

•158 I 84 IPtineou Timber 

370 iPeetiPS 

166 |P^rWeiOo 

339v | RMC 

73* JRair* Infc. l£h - 
IU8 fiflrwi- 


360 iPftto*: 1 

□01 Uitrtsre Casual Tt^e J 
5* Ifbohpwjr ’.to | 


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1 127 1+2 


218 Ifcar A Tor^ur 

183 'Sandell Pertura j 

13* Snarer A Fisher 1 147 

67 iSraaafl (Wni 5p 1 295s 1 . 

87 iSrun Uj 10p _ 

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193 fTimacSOo . 


192 *Ta» Homes , 

2b? ‘Taylor Woodrew J 

197 (Tilbury Group 

235 rTra*k A Arccte 

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200 1 132 Vlitscn Bondrn 10p-i 137 
444 242 1 Wi kart Connolly 1 

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CHEMICALS, PLASTICS 


£53k! 03 lAfaoFllO 

500 j 258 (Alta Hotdinis — 


105 AK^d CoUoels lflp — ) 107 
410 ^mentranlntl — 

2+6 'AncnorCbenwal. 


70=2! 13 [AOraHotawpSc 


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^ ,135 .BTPlOp 135 1.. 

□aw £41 I Bayer AG DM50 — £91 |-3 


£122 

255 


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101 ' 63 rKanSnogr Ixiooe k J 

312 1 139 KnpgtWJ J 

273 1 210 C’ersotyiiBi.lOs— I 220 

445 ! 278 iCoaliteGroua — I Z79 

483 1210 CoatreBres.. ' 


416 

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320 

135 

113 

308 , 

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177 I Da ‘A 1 *IV . 


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172 Creea ire. 10p_ 

153 IOd. Cefd ldp — 

43 l+Oelnar Grow 

138 Wdexlto — . — 
147 lEllriAEtfranl 1 

885 lEnyeiureu 551.00 

□6 lEredeGreiip 
201 Fc^u Muses 



021 irwwmua« 1 , ,„ 

88 kiajnorCreolDs-l 95 j-1 
66 MrareteSreUrelOe- 88 1-2 
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t<5ei 20 1 52 
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156 buKeacUJ 13p — 1 2S5H.... 65 6 35 

_ £2SWat«incll 1 £2S*d-l ICSLAOi - ' 30 

230 | 10b -Hicksanlrel , 139 >+3 |tMJK23j4J 

■Qlt I £a3^|HaeflreAGDM50_J £83U-lU^120%: L9 • 04 
£446W£30lir Ds.FmlOoctJr.Ln. '£410 1 . ! 010*v - ,I2« 
186 1102 [Hots Usye ire lOo— i 167 I : ♦4b5-Li l 30 

Slb*r 480 Ires-Cre+.E 1 9t9 Lay r363>26.50 

589 1 361 usane ires 50p__; 361 !-10i 71025 25 . 3.9 
233 1 103 LrrenlmeressSa— . 1*7 ; .j 42517 34 
109Ij! 103 bo bocCr.Rre.IMj 135 j-5 6V - 61 

243 ,109 [MTV50 ! 109 !-* 712.7* 3« 1 34 

£15^742 atertBnUPUODO^ 70 -1X| «V 72 | 03 

133 1 75 [Moreeaa Hides ■ B5 '+2 

£2tW £12 /tore ires. "B" Kr. 23 ) 214 +k 


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1180 

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INSURANCES 


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Financial Ti mes Friday October 30 1987 


.::*■■■ - . .. Ijt -.i ‘-1.W. .J.. _j Jj, j ;• \ ' /: : JJ_-. , -*.'*,.-V' l -'.~. |l 



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INSURANCES — Continued 

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SSK£s=tffSJSMa = 

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s »&aa=a t ‘Ullil 

02% W5 fcmJUtaElLZ 820wl+i£ S^ U H ** 

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738 1 555 &U«F^B10p. «0 ’ ZLfl” it 33 **£ ' »3 Ban 

464 267 MlRrsFaterlJlJr SS .V — M* — 89 5? \iSm 


LONDON S H AREr 3 ERVICE 


PAPER, PRINTING — Continued 

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684 370 
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(10.75] 2.4 I 5.4 Ijuh 
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Cut rail TV 530 

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ratable Boats lOp 28S 

^ Lffcun, n 552 

ERA E row 5a I IBM 

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HTV ItovVlg. mb 

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lWT 3T„. BU 

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(■Mama Dr*. SOd 250t 

Mecca LeBuielOp._ 170 
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W Bummer Len 343 

Him World lOp 240 

HUrreJo Ini 20c 12 

Wow law lj*illZi(L5_ 33 
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1987 

Higp low! 


TEXTILES— Cont. 

Stach I Pria W M 


245 1-5 LA.ti 29 21 225 
195 L.-.l 2* 46 1 14 206 


PROPERTY 


JPTwiWl* lap 82 

Pkasuramj 5n 155 

Do. 7pcCvCmlMpf , 143 
Pnshndi ______ 120 

6Prton Leisure 10p_ 126 
Qoadrart Grow 10a. 1Z3 
+R*6oCH»'ANV_ 120 

Malta ChiOe 80 

Reallj Uwfsl Grp 5p. 500 
Saoahoh.TDp_ 174 

Same bon Grp 20B - 161 

ScamZOii 145 

ScotL TV lOp «7i 

MelecTV lOp 2S 

4Soectrtna 5p 70 

Stanley Lesore 197 

TSW5p 76 

*TV-amiap 292 

TVS lOp 304 

+TeWslor Secs 5ftp. 67 

Thames TV 516 

ToUMtaa Hotspur-. 133* 

iTHtaalOp 145 

Tyre Tees O 463 

Ulster TV 99 

Vlrgm Group 10p_. 107 

WtttUuJSp 481 

4WillBml1teil5p- 73 

Vartan Be TV 205 

ZettmGrp5p 166 


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♦Za 120 27 52 
+1 41 — 4J 

-1 LI 35 14 

18.75 27 55 

+10 17 9 51 

u22 29 2 a 

-1 0* LO L7 

-5T? g0.91 L4 17 
+12 Tlb-25 29 42 


— I W4* 20 < 52 I 


MOTORS 

Motors and Cycles 


*129 
•306 
845 
132 
18 
213 
415 
El® 

238 
bO 
405 
770 
280 
193 
351 
294 
■831 
£25>, 

495 

176 , __ 
315 S3 
458 245 
106 81 
120 M 
650 295 
390 Z» 
715 480 

400 90 

275 155 
170 Ihi 
390 TOO 
142 62 

850 
480 
192 
127 
113 
220 
268 
468 


*89 
111 

230 [145 
232 110 

760 I 290 
405 120 

333 98 

312 I no 
240 1135 
213 
305 163 
£187 £115 
220 116 
125 98 

137 52 

293 172 
*365 210 
•160 36 

460 192 
339 200 
165 78 

473 246 

181 90 

710 *30 

131 
525 200 
1105 370 
363 B5 
8* 43 

05 340 
620 338 
□D 690 
650 250 
345 163 



304 fccmrtnwB 

125 EuMOHiap 

122 EreirtfvrUJ 

220 ISanon IrtaL 

95 IPriHunond Graui 

108 fortyl sf Meerut 

WjlFowr t Jptal 

111 Baiiurii 8MM 20p ._ 

83 tlm ASbry 

138 MamUotallDp— 

37 HttAmg Pentecost 

113 urginortti u. 29p 

120 IlnghHitCi 10p__ 

116 UenwwiHHvJ 

43 fc'BBttjSFnstrZfls 
175 KpudiiG&O-^- 
ZD? kjmmBHWtalDp — 

143 (Low (Room KJ 

102 tries (SJ20p 

US Made, High 

38 hUmoaBnoL 

<2 PilnbM 

121 jPattlMB'A' 

50 RKDmiMOp 

131 BEET?!® 

109 Beliefs Im. lOp 

78 Birfar 


B (-2 
326 -2 
125 L.._. 
124 P-2 
222 1-5 
IN U 
IB j-2 
113 -3 
200 -10 
228 . . 
163 -5 
63 -2 
140 -5 


Mr I jnd 
Net ItTwlErt PTE 
4* 0.9 > 66 236 
95) 32 I 40 86 
33 190 
13*3.4 3.9 BJ 
bMlt, 4 j 111 
62.47] 43 26 jlOJ 
L32 36 L7>202 
3*0.9 4J? JtJbS 
16R2.9 U 11.4 

“l** 25 7 
4 [3 LD 39 116 

M*46 U 1L8 
TC*35 25 15 1 
30qU 7.9 131 
3*56 1J 156 
15* 15 2.7 13.7 
65^32 i5 17.0 
30 46 2.9 7.8 
TLntO 12 133 
6*4 » t 

TS*2J 3J 190 
tJ _ - fii.4 
T2* L9 5.4 12.4 
5*26 37 132 
23a 2.7 36 1L2 
TL5 23 36 182 
5i 26 iJO 116 
2*51 4 J 1 2J |U 4 
Sj3l«|fc2 16J 


FINANCE, LAND— Cont 

.! raoea I -Mai 




OIL AND GAS— Continued 


1987 

Ntah Vai>l Start 
496 241 htfLflm.Cwa0lak_ 
40 ZS (Ml SanUafl In lOp _ 
54 27 WorHi Sea Assets 50p. 

490 370 PW«. American 

B9 232 ItawmSecs.. 

71 1> 10$ tjca«:Ai»tsTa50p- 

140 30 Dc-Wanus 

109 56 rartas French lat.Ts 

66 41 PononalAnetslZitf. 

•lli B3 Ptrtatlo* Trutt __ 
345 147 Pr*ee>i&MfUfiTa._ 


78 jinlar 1 114 -2 535] 1 4 fciiltu 

67 5m6lsiiaw(fc)Up_J 12S 2J* 4J 30 UJ 

32 Stott*.. 70 -6 1*50 26 (18.4) 

190 DoJOpc Com Prl — 77S imJ - 16 - 

33 rrrfniJrw.lOp—J 19S ..._ 6*20 42 264 


290 I DoJOpc Com Pr 
133 [Tnt'nlJnr. 10p. 

238 [TonfcMSM 

ina^Toott 

Z36 rTorayVSO 

32<i(We4 Trust 

2111 rVoridrrie lOp 

6 lYoqpal. 


TOBACCOS 

wt LM 


TOT 382 lATImtL 

£125 n07i Dal?»»c£ , ajD- 
499 177 fRo0MBBl2>». 


6*20 42 264 

143 5.1 1 13 204 

T4 JSi 20 1 5-3 110 
0129J L3 I <16 I — 
62 S - | 53 - 
76B33 46 hi 


r»rl6rtlp.e 
36 1 4.7 1 73 


] 4U +1 T14J 36 4.7 73 

OMis QIZI.% 2643112 - 

331 1-4 7* 3.9132 86 


TRUSTS, FINANCE, LAND 

1 I I |+wj W* I 

Law I Stack I Price J - I Net Id 


109 56 Parttos French lat.Ts, 

66 41 formal Ambled), 

•lli B3 PjriaOo* Trat __ 
745 147 PrmmsM*UBTA_ 
21* U2 IPiwbMi ______ 

505 tS [*vtwm 

298 153 Hras&B.Cap_— - 
2*, UPi imr Mere Grtf Prflp. 

12! 67 QdIkSOp.. 

LB 63 KwrfilfoQeaeCV- 

103 8$ Jo.bm.12b4 

44 U Jo ivarmUV 

102 91 LfeSapedPief.lZi*. 

97 84 bm-Pbtelic 

95 64 OoCm 

33 IS loWamta 

40 36 Bo Zero Dh Pi 

£>P, (W. Botrcat BrJ FOB __ 

345 245 Po.SubJn'cFU 

£32!, £22 faaoisNVFna 

32b 223 Do.EVLSa.fIl_ 

454 330 Hotter Trust 

CM, □efoRomwNVFUO 

Z35 159 jSLDafrewTa. 

115 101 Si Camtfi lo»ls» Inc- 

155 B4 Dol Cap ______ 

316 268 SPLIT Inc. Up— _ 

ESS 530 SPUT Cap Mo 

Z32 154 JPHAlT53o 

189 78 Da. Warrane 

1541, 1331- Do-CemPtoPref 

282 183 SdswJrr Glooal 

119 SPi 5m Am lev 

770 520 Sc«.Ca«-A- 

1791, ugtjscm. Eaa. Imr 

509 359 BastMi in. 

156 93 Sa4.lm.Td.Wrm. 

140 86 ScM&Mm'A'Sa 

150 99 Sent Man 4 T9 

99 B1 Sen Nmnul T« loc_ 
97 44 Da Cap- _______ 

IO*, 97 Op Stepped Pri 

104 97 DoZtraDhPlI 

35 16 Do Warrant 


M ICwlGrt 
f7.4*U> U 

a3 • u 

s3fl3 20 
2*U L3 
0.771 17 10 


228 -16 065 20 03 

152 U1 *U5 SJ 76 

420 -20 1160)0.9 54 

220 -15 s0i — — 

14 -1 

98-12 KSS U 81 

63-5 

« .... H567 - 86 

ZS -j - 

97 -*i M2 — M 

88 +1 

69-1 

H -1 

59 ...... __ - 

£24*, — dB7i> LD 3J 

245 __ *027 -2% JLO S3 

£22 -h *0H« 10 20 

220 -5 <Qim 10 £0 

330 -3 M 00 21 

135 s . M. -J - - 

169 1-2 N1B5I11 3J 

102 -2 71 10 96 

MS -10 

Z73 -5 71911 * 96 

flC _cc 

156 U UU U 
105 ..._. — 

135 841— 86 

188 -6 405 LI 31 

SI - 1 ? f2X LO 34 

680 -2D 26.0 U 52 

121 -2 22 LO 26 

362 -3 163! IO 26 

99 

111 -2 50 IO 61 

99a Cl LO 29 

87 K62S — M 

44-5 — 

10*, +t, K5X — 63 


W|fe Uwl Stock I Print - 

I l N jfCa» uie4 .uRrtf 21^1+1 

Q7b tf, Hamflm 04 Cap HO/. -2 

355 67 KKiahlariPuum 181 r J 

265 131 N»UbsP 3 185ri -5 

OMb OTh DaUkChIa.^, OU .. 

•Mb; 10 INOMlflB 42 +4 

426 146 KntJPetCn»___ 155 .... 

38 7 ta*wnE»ptej— ZX -1 

17 3 UcbteM DrlUng _ IN -. 

39 10 tCADnllnjlg 26 — 

67 U KemaelMEjqta. 34 -1 

145 95 RwumUlAGmH- 98 +2 

10 3 human! Oil All 4 +1 

394 161 LAS M0.-_ 244 +1 

332 156 Da.-OptT'IOp 180 .... 

1Z21> 101 Do 9foc CmUPI a. 112 ... 

83 26 RnwderPtt. 5p Cl -1 

6fo iijHIttHGrtwAlfc- 21,-1, 

58 19 liMirtan !0p 25 .... 

UMj 4*a VMcridaoOttHV— 41,-1 

10 31, FMourtA Res lOcb. 4 

30 U WomsBcol OH 5p_ U +2 

15 3 n Moray FlrthMp- IN 

bB 25 NewLMwOII5p- 36 -2 

£241. 03 Hard. HytkoKr 25 S16%-1| 
100 23 6NR Sea & Gen In, . M -2 

84 16 P North Wed Eiph. . 64 .. 


• M M lc^rlb?tpfE 

,^j-2sl mod — M j — 


NUOcj- 0.4 - 

9^19 67 103 
BlOfoj 9.9 773 - 


= =r 


170 02 39 - 
saii - j - 
I63N — 110 — 


3 171- 


MINES — Continued 

,r* (hr | r rid 
Stork 1 Pnu ■ - . fcr| >Crr Cr^ 

PjeihcirtM ; 23 '-5 I — i — 1 — 

iUjM:n«aL 70 i-iu. n ! — 

aSj.'jri , i , ':T>: . J 7 : 

oOra&dcS! _ 73 -2 J c:;22f?J 

rX*wrh!.:.S: 4 H -7 I i - 

rorlfihii'O > W -E. I — 1 — I — 

ctbai'orriiii — 1 35 i«2 I — 1 — | — 

:r_H £.*•:. J 80- | -t - - 

HW1W.IILJ 7a -4.1, Hftd — M 

V]»rfL-1V<20L ! 73 ,-3 I - 

iihfriv.-- 5\. 0 T , «;^:l3.7,;: 

'urtKd- Eial2!4_, 4 1 . — 

•tnM Sv. ite _ . 16 1 1 — t — I — 

':-1 BMW St_' 26 1-2 ( -J — I — 

;wt >B. Sr* LL _ _• JO .-13; — ' — I — 

wr- a t>iii S3t 70 j-;3 hUSc' 0S| 3-1 

■ 1 46 *; | CZci 0 L8 


bO 23 
100 I*; 

14 3 

81 37 

34 14 

•US SB 
£Z30 052 
54 19 

5b 2 

82 34 
794. 34 

428 220 


Mo Res. 

UMfl latp. Srrc. 
Niter Reoum*. 

nPadHcPet 

tfcoOH 

foookwRK. 

inaUlp 


Suck I Price 1 - 

Investment Trusts 


199 129 bMwlm 

£10% 770 tAumeTrs 

288 181 lAha ImenmU Tnst 

77 64 UlntaM lm. Inc. 

683 363 [ Do. Cap. — . 

181 lib UbmmcwTrM 

172 Ub WrtswTa-tr 

562 370 jArtgki & D'scm Tins . 

195 143 brcWnedalnc. 

973 175 iDpCttStb 

134 85 farijo U» [All! 

6«J 41 lUbalKAMtS— . 
•144 1 75 KunAilwTaSOp. 


B»* |T1d 
Net ICwlGrt 

2*1J (25 


US Hit, CJHlJliS 

770 -10 125 RIO I « * 


41+1 2* « I L5 

66aP_ . 116£ 0.9 1746 

420 I- BO -I - - 

U6 l-l 3* L4 1 3.9 
117 1+1 — j — I — 

370 -5 7* 12 1 26 

179 I . IlOW 10 I 86 
2MJ l-lfl A - — 

85 L 010SI1J I 50 

«y .... W* L3 I L7 

75 1-5 ri*— 11.9 

348*5-5 

55 1+1 



26 1 32 
* 4.7 
1.9 LO 
4J1L3 
U 

21 U 
32 16 
46 LB 
16 92 
LO L7 
3J 24 
U 20 
486 06 


435 277 fCiledoualP«.So— . 

Mb 75 GattnanaMGea. 

251 160 Do. Cap 7)^) 

£25 n9>, CanteUa liM. lOp 

60 42 CUId HnHS 10p 

27 15 bWarw 

151 90 Ekta&EMlmSUO- 

98 55 OpWmttti 

51 42% 01,1 Com. Ik. 

05 01>2 Dp Cap til) 

104 56 EftyoHMordSa 

276 140 aupVatafTU. 10a_ 

205 59 Do.IOOWarms 

195 52 Dp 120 Warrants 

136 94 Eo«l Assets Tsl 7 

73 47 Dp Warrants — _ 

853 780 CanuitnalBM 

159y 9SfoCnKe«Jaitt5lki — 


U5 Oil- - 

+1 021 12 06 

-1 1* L4 27 

-2% -J- - 

. .. F16S LO 1 30 
-6 Lli 16 1 06 
L3 lli 6 1 3.9 
-1 C.a| 6 56 
. . C6’- - M.7 

0*0.9 20 
+5 17*12 4.4 

-1 12.45)10)36 

I . 561 12)24 

-10 g0£5l 12 1 16 

-10 -1 - 1 - 


cut-) 

68 -4 

155 -5 
US .... 
105 
94 -4 

47 

820 +5 
99 U) 


15b 93 Eai.lm.rd.Wrm. 99 — 

140 86 Semi. Mere -A- So 111-2 50 LO 66 

150 99 Eat Man. £ To 99n *26 LO 19 

99 B1 ScHNatmuiTdtPC. 87 — K62S — 96 

97 U <Da Cap 44-5 — 

105% 97 Do Stepped Prl ltfitj + 1 .' K50 — 66 

104 97 fcoIeraDhPri 1SB% ...._ — 

35 26 WWatt 16 — 

946 728 fiepAlkweTd.— 728 -6 211 16 40 

238 134 Second ua+et In 5£b_ 134 -b 012—02 

IMP] 84 CeairtUesTdOan 89 +5 06 LO 56 

259 IW Ehmtm.50p 198 -3 04.7 12 102 

[136% £134 ppelmUpcCnU- EU7V-11; QUN — 19.4 

151 fib SraUrrCos ln« Ta_ 1*1-5 K10 6 L4 

156 123 Ijirjsj Imedmetes— . 125 +2 **0.42 4* 0.5 

14S 9b &htOTUnr.Ta__J 96 -2 102+1— 06 

192 105 [TRAiiwafia Trust 105 1-5 241) * 32 

*2 ra Cni d LBttnDM.- bid... K26bi LO 56 
158>xlOS piM£Ceoeral__ 105 -1 22! 16 29 

ltw “ 70 mi Wamrai Rcsowces. 75 -5 ebLOfei U 36 

133 GO [TP Nwtn Amenca 04 +1 20)16 31 

31b 179 !TR Pacific aeJn 199 |-10 +il.t Lfl 0.7 

128 72 ITR P.oc Inf. Ta 8* -1 Lf 12 2J 

9C0, 59 |TH TKbndos* 62 +‘, W.951 12 26 

USU 74 iTR Tnstec* Corpn. — 306 -1 22) U 26 

zn& US tTrwfie Oar 192% -2 tb.« U 46 

iiovvaoci^attocXmJtaJiiaKH 0*0% .... a.% — si 

02% 712 TlwmunPschwFd— 712 . ... -J — — 

7T5 250 Op Wwraids 250 -50 - 

•UO 72 Tteoyna Dual Td toe. 96 -2 56 4 76 

525 275 Da Cap. 1# 335 -15 — 

586 319 Throgmorton Trad 397 -9 96 LO 36 

346 136 DaWamas 265 -15 

111 95 HieoqUSUTaSOp— 133 .... »12S 12 16 

120 32>;iDoWarT*Bi 70 -30 — 

113 255 [Tar. Meed. Be 29* -5 17.4£ 9 76 

980 514 I Do Cra 750 -75 162122 06 

221 ISJ Untune Inred 153 . ..- 335 16 30 

98% 35 ITtalend Inc. 50a 09 — T12.9K LO 2H0 

Qb,’. EU-d £w CapttatU 02 -li — 

192 165 PJSDC lap Ta. 13ft +3 HLS - 16 

148 1 102 iUrntycarp Trust SOp I 111 1-1 I 2J* 6 136 

73 a? (V.-'-jeA iKsnr Ta IQl J 50 (-1 125) OJ 15 

162 UB I DsMtacC* Ro Pf 148 — 6%%| — 66 

323 105 hutuce Secartbm Up- 123 -5 »L6 OJZ 26 

98 43 |VUu>g finann 59-1 2*0.9 4J 

300 115 Weiia tafl UwTd5a J 865 -J — — 

161%) 109 |Witaslw _| 110 (-2 20(16 26 

UB I 53 I Cp Warfares 53 1-5 — J — — 

132 106 [Yeomin la, Ik 12>^J UO .... 19251 LO 116 

Ud 80 DpCralp -□ 80 1-15 — • — — 


5% 2 VPetnslOc 2),^-% 

82 34 TPtet Ret. So 52 (+2 

794. 34 f+nderCaep 56 +% 

428 223 tatprrOdS 226 -2 

COTV IbOb Rani Dun FL10 £684, . ._ 

3+4 167 K«uA02Sc.__ 170 -23 

297 19 ISaoobtre Pei SOp— 33 

Z71 125 PSceptee Rb| 154 -7 

<15% 90S Shot! Tram. Reg. 00% . _. 

73 60% Oo.7pcW.Cl U .... 

360 U8 Stltolfae 240 . 

39 12 KaadMwn Rcl 40p 26 -2 

■144 36 SoreretgaOll 93 

78 <1 33<a IUK) Bank* Ip . 51 +3 

55 14% TR Energy 10p N +1 

DtW% £57STtucnBpcCm £9W -% 

208 IDS iTmsc Re* AS025 19U 

067 OTtJTatat-Cie Fr Pei 6. - £32i^-H 

148 74 llrierMTDt 112 1+2*: 

□09V n-yjirtcemrd UpcCiuJ £96 .. . 

2U 120 [Triton EanweSo 175 -4 

54 U KToaoe Res Ir 5p — 22 -1 

320 162 |Uliramar_. 219 +14 

112 49 WtSsedsJdr ASOc 49 -17 


37 q: : : 

16 -4 A - _ _ 

■4+2 |2fl - * - 

366 -14BFr36B32 56.9b 
21+3 H - - I - 

A- - I - 

52+2 — J — — — 

56 +% —4 — — 162.0 

226 -2 A ~ — l _ 

8CKN1.7 6.4 J 94 

170 -23 WU^ * 4* « 

154 -i" — I Z 


.9 — 

S 6 22* 

- 14.7 

ftj I 


P;itcf«rdUpcC,laJ £96 1. .1 tuinj - hub _ 
[Triton Earsoe So — J 175 pi — ] _ f— 4 

pTaaoe Ra Ir Sp-_] &M -j - - - 

Ultramar. \ 219 k>14 «2Sl — JJ — 

WKocOsJfle A»c__J 49 1-171 —J — I — I — 

OVERSEAS TRADERS 

lUricaaLtkn 1 66 L I tt} 43) - 0.91- 

Bousttad l(ki 42 M to3 68 06 - 

BjbtffonCpn— □ 160 f-5 16666) L3 56 182 

FmtiyUamesl ■ 98 -2 4A5| LG 5.9)219) 

WnPHil J 14 L. . QD2td: 69 IJ iJ2b 


1487 

Ktpfi Low t Stork 1 f 

lib ' 23 njeweii*K’rn 

173 ij ,\jjK:rfl )L .j 

34 5 tC»a!u.M r.*ft It-: . J 

bl 25 maOraGdcS! _ 

n 7? I9<r*cforer M. J5c J 

240 06 pTrri# Pfi.lfc fcVJJ > 

ft> 29 *TVctUi«na^i_. 1 

.17 lgliej.5t.S-: J 

758 1 iK) WUHiW M TeT.*. N I ! 

93 X We Mv>'>r<20L ' 

IK 65 WuiVrlraASth. • 

ntj IVwc^etKd- EisiZSc.; 

«■ lb TKcraiSf. 3c _ . 

63 1 11 to'i-etB+rw. Si-' 

J9i j s VliCfin. <0. nr* AL . _> 

214 j 71 tniw b rttii blc. . 1 

■95 >?■;'.••• n_r*F»l> 1 

3? 13 li'-choeVI: Tl 

43 io ■v:-a.*Era'PNL , 

262 bi <fP*n And Mtnn»; 25c ; 

US : 74 !Pnwi3c . .. J 
73 I 2h VfobSf l(T««.-W, 111 ; 

338 ; 2(7+ 'Pj-.r^k- .i E.;5s_: 

429 I 223 WPrkb-WjilJfnM^.^ 

9i ft fpe+jn Kf *JL . _l 

22 | 12 vPofW>ui Vn u | 

57 1 21 VOwfrn tln-srr 

1* 1 15 totter: V'iW) 2 jc.. J 
74d !2f4 WanemMc ... J 
33 1 12 f£jra,nt>:ir. iil.J 

33 j 10 WSanO-.— Mv.n] I 

r» 343 ■Wmwo'uNL j 

35 I 13 •VM'm Ctfr'ei- 

M ff-.-toManr- Bjc.I.c __) 

IbO I 5b UVjUifiT R" . ..J 
20 : $ 9Vj»t »rer.-«15c . 

55*; IS .VSsaran Ek'c . j 

23 , 12 V'.—jn rr.2ic r 

t>7 24 toThw. Ur-'FT, &c 1 

140 1 70 f.-KCc.lec.M | 

15 ) 12 9 bed Ccast 25: 

■425 ■ 131 iWrai irnraSO; ! 

•ISO ‘ JTB WV.TcnC-ee* 70c I 

77 I 54 VAaourKnNL— _J 

Tins 

90 j S3 toj*« HrtartSMl ! 

ItS M terror , 

95 ! 50 -*hk Snrjc UL}!2 

223 \ 49 Ji-jr 12:^ • 

E5 I 37 IMaianjMrtj 10c _J 

155 1SS Peulav] IL'l I 

130 » 75 ISorae.de-.. SMI ' 

170 | 90 rTanisralSc ! 

210 lias ITrond.su: 


10 ,_i , — ' - J — 

S3 ,-i —• — 1 — 

123 . — - j - 

74 1-1 EL5%7J|L4 

35 : .. - - - 

UO 1-15 4— - - 

£39 '-2 Q2GC L8 36 

30 :-10 -I - - 

50 . A - \ - 

IS J-5 -I - 1 - 

293 -rs hClOc 16 j 16 

13-1 

u ! 1 -j - - 

3+41 ;-23:aJL5cL4 46 

is PS I “ 

56 1—9 ; * - 

9 -1 ! n — ! — i — 

12 ! ~i - 1 - 

J5 -I I ■ - 

2« _ I +25 : 36 I 2* 

14 — b . I — 

195 i-8 , eSJOd 6 i 22 
120 -301 Bile; 1*4 4* 
70 . . 1 +-1 - 1 — 


f25c 36 I LO 


Sthri .. ■ SCSI Jd 0.7 i 3 
95 . _ I — — | — 
6C I ; CSe, — 119 
90 +13 : -I— j — 

5dc I LXCl ZB LO 
145 . ! tCiiSc] — L7 


Miscellaneous 


29* -5 17.4« 0 7JI 

750 -75 162120 06 

153 .... 33SL3 30 

09 T12.9SL0 200 

£12-1% J - - 

13ft +3 HL3< - L3 


UO U MrianULn >6 .... 

GO 29 Baete&JUfe 42 -1 

218 107 EtntlrasnCpn- 160 -5 

129 BO FtntnrUame»)___) 98 -2 

2b 6 PfmPae.lnL 14 ... , 

*£65 £34 «N Great Nordic no. £38 ... 

752 413 tfrans. Crm. £6 49SC +1' 

950 505 toehcapea. 545 +5 

362 203 Lotto ______ 229 1+4 

290 83 toco.lansta._-_ 171 ._ 

123 65 Scan Whn*. 20a 71 -5 

4)6 238 ?*■«. 312* +2 

416 238 Op'A'N/VlOp 312 +2 

<22 134 Pa&y Peck bd 10p_ 267 -6 

E207V OJJV DatVcCrUTOOS 032% 

231 143 REA Hide.. 143 ... 

JOT 50 E»cIitt)fMsa6_ 55 +5 

1M 79 [Tuet Kem. 20c> 85 -4 

157 7b Da.I%ocC*PfZ%- 85 -3 

101 61 kMPtmMrwin_J 83*4-1 


1W . MV'Aa^frDomiiusr. 

<£■ ; ^ wCrto»RrCw> 1 

•713 ;127 lc.v_ Wurj yjc.. .J 

■72 • i7%+£*tTi.in_irli 1 

■440 , ir-1-G'ecnu^eRR ; 

£13;I- Hli ''rttfaCuliVr.fr J 


57:,-% ; 

JV. .21,1 

175 ! 

49 ■-! • 
238 ;*o 1 

c?!:-,; 1 


060: 44 ‘<06 


753 ILj; ewicSf . _> 131 ■ t — — I — 

£29 1 □b%'Nomet:ii+i I M-.wgl2 J C1B..C+;: I — I0J 


.... 12VJ L2 ZJ [299 
+17 l24ik 1 J b7|189 
+5 1210) 22 54 106 

+4 U09U10 b.7 kjD4l 

-5 2326 48 llL2 

+2 76jo60 3.1 1 5 1 

+2 73qbO 32 56 

-6 TttJS 62 19 I 5.7 

♦5 cud e 49 ! 0 
-4 a06)lbJ 08 Lb 

-1 107.5c! 3J 24 1 92 


455 ) ISC bMcf-riCi Rrc U»f J 
leb I Zbt-WVnicEra.^.ian. . 1 
IbC | L'i.-Wm iaw> fin is: I 

54S 300 ^?-«nvirC{I 

237 P5 'Wb.-Cmru Srt+ut/-. 

SW «T2 10; 

ooovjnu*. DtVj*tjji 95-axa ‘ 
39Vi 11 wrrcrcj Rev IncJ — . 


— — — 
2b); -41;, -j — ! — 

1M 1 ! 

“s r“i r = = 

323 +:c 1*4,29 42 

□eoi.-.+n •; b* 

io 1 _ 


THIRD MARKET 


19E7 

K4h Law 
455 1 IBS 
5b '■ a 
150 ill? 
315 1 4b 
111 < 71 


PLANTATIONS 

» I Prt. l*-1 


ot* | hru 

Nit lew 'srt 


TL9D2 26 
20) D.9 46 


E LISJ, 



76 43 
UO 67 

98 45 

127 70 

140 75 

77 45 

im so 

*85 52 


8b0 MO IsaiDaana 
£24 Q9 June Grp. El_ 
515 228 McLeod Rand— 
420 213 toL4pcXarJ9. 

£24% £11 loranQ 

850 1380 WHowO- 


PMm OU 

II 


10 e 1.4 
_ (02c L4 5-4 

10 56 0 0.9 

015c L2 44 

._. 010c e sa 

. . riUOc Ob 46 

2 L3 L4 30 


4E 36 14 
45X LO 26 
1*623 46 26 
M%U2 27 

rzao 40 li 

20016 36 


151 ' *7 
US ;U0 


95 bB 
ISO 115 


no (mo 

140 1 103 



1 Stock l 
Abe Hcst Gnu.? !fc . J 
■Urrerrc 4r *n lie— 
- T. 5-Otrih _ 
Ane^Jtjr l+n ix 

6nsnw bet. 2C9 

L-PUI.V. A — 

Cuvft USDs ..~_ 
■Coutyn C jru-a 
IClKMJ An ura5j .1 
OwnEi Ir.-i _J 

it wiac Gra»; !o 1 

'Ctrun be» 1~ I 

■CrntT Errsur-'5>— 
1,-rrtr- E^:r,l85s. 

10a. rilrrara 

iFar Ejei Pe-. 10P 

‘tEiudnrr U 1 5 9 

iHarartih Grai?5s._ 
iLeasmgLratPeSc— 

jLeriTedi 5p 

•Mtdracr lfr 

iTCMraGliO 'H.-3 ... 

3>jctiviuraHiras5p- 

[Seacon Hlikr, 

Theme noiSjeio 

HiPV Grewa 10ft - 

Ilian Group—— 


* Or 

Price - - 1 
2*5 J— 30 

13b r 
<8 

?) +: 
u . 
us . . 

BS . 

68 ,-1 | 
16E f+10( 

bJ I. _. 

115 . 

BS 

155 .... 

1* . 

12 . . 

90 I .. 1 
76 |.. 

31 pi 
73 L.. . 
82 '+2 
123 
S3 1-2 
47c r I 
95 L. 
5t» 1+2 
145 Ub 
103 1-2 


Dm I ! Ind- 
uct iCw'-CfllMi 
3r 17 1 10 1356 

MX? 5 ; 40 [162 


KID 1.9 <36 1 22.7 

-i — ; - 

tl 2 — ) M - — 
a4i * tool « 


-j - ! - - 
R1JS2JI2J 2bJ 
— — 1 - 266 
0 9,36 L7 21.1 
b— — — 94 


-j - - 28J 

-J - - 14.4 

10)19 2.7 2b8 


12.41^23 16) - 
R4jW 25 1 62 *761 


Uftetv ottierwlte netfeatea. prees and net dhidewh are In pence and 
denomtnmion are 2Sp. Estimated price eameras rstlat and conn are 
bated on late* annual reports and axcwnft and. where aos'Jble. ate 
■ratted on nail -yearly li^ures. P?Es are calculated on "net" tfianiMion 
bate, earnmos per sMjf aemp comcoted on pnlu alter tauuoo and 
■1 relieved ACT where apttftcalite: bracketed figum imftcazf 10 per 
netda mn (ttHertme d caltuiaud on 'W dkstttttam. Cam are 
bawd m "maeinumf' driniDntlbd; thh compim pm fiWdend cam m 
pttfB alter laaatnn eidudira eiccpuoui protitiVtiw tut mckonp 
esunated evtent ol orisenatan ACT. Yields are based on middle prices 
art tttt adtuned to ACT o< 27 per ceffl aodaliaw lor vbM- of Mated 
maribotioo and nyns. 

* "Tap Stock" . 

■ HiQfts and Low, meikfd ttws hive been adheudra allow lor rrahts 
I lor earn. 

t I memo since increased or resumed. 

* tamo Since reduced, passed or deterred. 

3Z Tax- tree 10 nor.-reudems en application. 

* Figures or rewn atoned. 

; Not HriciaMy uk lined, dealings permitted onoer Ruhr 535t<)(a). 

* USM; not liaeo on Stock Eidunge and company not subpeted to 
same degree of reguun&n as icud seoinues. 

K Dealt in oncer Rule 535131. 

* Price at dot of unneisn. 

9 tndlcced d-tndmd aner oemtng serin wear rights Issue: caver 
relates w aresiuc: arridend or forecast 

* Merger bid or mr;p Diction in prog-eu. 

* Not camparaMe. 

* 6a«c ttenm: ru doc ed ftr_4 anCir rgcucec famines irtactaetL 
v Forecast dtvus end; cowr on earamgs updated by UCea mierun 

sutemenL 

1 Caver allows lor camerslcr st Char+s ro* now rankisg far Ondenls 

w raouing only lor restricted oiwdend. 

1 Covet does not allon lar vii'eswi'.aj’aararsa rank tor CvWend ak 
a tour Cau. No P'E ratio usually provided. 

I No par value. 

B.Fr. Bet-dan Francs Fr. French Francs. +} YWd based on axosnptloa 
Treeavy bib Rate nays unchi-ned ursil maturity of a AanuaiLed 
dividend, b Ftoures based on prescectes or other oner esUmalr. 
c Cent* d Dnnaend rate pad or cjgabir an part of uphal. cover based 
on dttdend on full cmtuI. » Rcoemplion yienL f Fla: yield. ( Assumed 
tkitdend and yietc. k Aswned dn-dera ana yield after seno muc. 

1 Payment Irom capiul sources, k Kenya, m Inter un Higher l\hi 
pmvtikis total, n Rlgln.- l-.Uie uendirg. c tamings based on preliminary 
Itgvrrs. s DMdead and ywld etrlude a special payment, t Indicated 
driVenm com relates to prenoas brakmd. WE ratio bosed an laien 
annual ranungs. ■ FoetcaB, or eahiuted anoulisea dividend rate, 
ewer based on prenous year's eam<ngs. t Subtcct to heal Ira 
1 Dividend com in ncew 0* iM Bmes. y Dividend and yWM based on 
nwrgee trimv 1 Dlifaend and yield include a 'pedal payment: Caver 
does not apply 10 special payment. A Met dividend and yield. 
B Preference Asiderj costed or deferred. C Canadian. E M Imran 
lender pnee. F Dividend Aid yield based on prospreus or Other official 
estimates fw 19BW17. 6 Assumed dividend and yield after pendas 
scrip aod’or rights ttsoe. H Dividend and y-eld based on orospeous or 
other ofTiUal tstunaies lor 14£b. K Dividend and yield based 00 
prosoectus or other official ramuies lor 1W7-88. L Es&mard 
annualised divioend. caver ana p e bueo t» latest annual eanunjs 
rirta bjsea on prospectus w o!her official esomaies ta 
19854b N Bnidrnd ana yield based on prospectus or other oflitaf 
estiDutrs lor 1967 P Flgurn based on ciaraectBS or nthei oftltui 
rsumtes for 1937. Q Gross. 8 Forrcat annualised divuteod. cover and 
pfe based on orosaectut or other official esomaies. T Figures assumed. 
W Pro forma Ugurr> Z Dividend tout 10 cate 
Abbreilailons: 0! rr dhidend. ir fa scrip issue: c » rights; a r> all: 
■Iti upiui ctstnSMion. 


REGIONAL & IRISH STOCKS 

The folio- -ng n a se-m-on o' Prglona] ana Irish «cta. U» law being 
CiCSfS « IriVl nxrrmry 

f**WlpMp. 1 03 [.. .. 1 Fjc 13‘.‘)7'C |a09U I 


CxaijiRoieEl — 6G3 | . . A-rcjns 79S 

FrtjjPVS 5a S9 -9 CPlMltrp 75 

Hoh 1 Josl 25o £11% Carta Iras. 145 -ifi 

IoM54rlO_ 253 1-10 ftfllmGas - tud _ 

rtiiUR.AHJ 140 

Neaen Hiogs. ___ 46 -9 

E *u i s,E 11D »,i...| Kf" — g :g 

Nat. 9%% 84,89 — 1 EOT, I I untoe MB i 


TRADITIONAL OPTIONS 

3-month call rates 









































































































r 


HlUHvUi irhki> c KlOtS.'! •** 4 *" 


LONDON STOCK EXCHANGE 


.Irroiui Online Oates 

Optitm 

"P* Last Accmint 

SjHP IX.®* ^*"5* »aj 

Sepl28 Oct 8 Oct 9 Oct W 

0«U ^ 22 oSh S" 

to26 Nbt5 XovS SarK 

M:asff4Mis. pte * ta " 


UK MARKETS began to show 
Signs yesterday of a recovery of 
the poise so badly shaken by the 
savage losses of the past week 
and a half While the improve* 
ment in market indices was 
moderate by recent standards, 
it implied a relatively confident 
performance against the back* 
ground of the fall in Tokyo over* 
night 

A number of UK brokerage 
houses suggested to clients that 
yields on UK equities are now 
attractive. Scrimgeour Vickers, 
a Citicorp firm, commented that 
the outlook for interest rates is 
"Suddenly much better, but not 
permanently so”. It warned, 
however, that the bond markets' 
responses to the tribulations of 
equity markets have been over- 
bid ulgenf. 

Hill Samuel Wood Mackenzie, 
in a review of the fixed interest 
sector, said the Gilt-edged mar- 
ket had performed 'much better 
than we expected over the past 
week”. Gilts, it said, have been 
helped both by the weakness of 
the dollar and weakness of the 
equity sector. 

However, the firm warned 
that the rally in UK Government 
bonds may have gone far 
enough, and that the appetite 
for UK Gilts among the major 
investment institutions "has 
probably been satisfied for the 
moment*. 

It expects UK interest rates to 
reflect the domestic situation 
more tally in the future, but 
predicts that a consolidation 
period will develop as pressure 
on the US dollar continues. 

Wood Mackenzie is cautious 
on the outlook for inflation, and 
doubts that it has been trans- 
formed substantially over a 
long term view. Real yields of 
around 4 per cent on Index- 
linked Gilts are 'extremely 
high* it comments, especially 
when the UK economy is set to 
slow. 

Investment demand was cau- 
tions yesterday, with many in- 
stitutions waiting for the Gov- 
ernment’s decision on the 
£7.2bn sale of British Petroleum 
shares, which would, in the nor- 
mal course of events, begin 
trading in the market at 2.30pm 
today. However, the City went 
home without a final decision 
from Mr Nigel Lawson, the UK 
Chancellor of the Exchequer. 

Helping the equity market to 
move up were expectations that 
another reduction in UK bank 
base rates cannot be far away, 
although the Bank of England 
failed to give any signal to the 
London money markets yester- 
day. 

The day started well, with the 
FT-SE Index quickly consoli- 
dating above the 1600 level de- 


Cautious rally in equity sectors while Government 

• , « j • j 1 Another substantial tu 

KSktS securities continue to advance gsa ss 


UT! «!!> and MK rxli'lw 

iarks and SpeMtr, *otlo«b* 

STrcwiu. Dttrfuwi i-uacata 

and on!* 219 put* 


spite the downtrend In Tokyo. 

At best the index was 35 points 
up on the day, but the gain was & " 

cut by the close, when the FT- 
SE 100 was a net 23.0 up at 1682. 

London was more impressed _ 

by New York’s success id with- 
standing the bear slide, and for- 
eign stocks were firm in the UK 

market Domestic shares quick- — — 

ly gathered strength, led by the a*™™" 15015 

consumer issues which would !nt5rtS , 

benefit most quickly from lower 

UK interest rates. Onflmy V - 

Tt was a very good day', was 

the considered comment from GeMMkn 

the trading desks. There was a 

lot more optimism about”, ad- ord.DW.Ytcki 

ded Mr Bill Vincent, specialist — 

in financial stocks at Salomon p/e R»J a (neuci 

5 Once again. Government seaq Bangi m a pm) 
bonds attracted good demand, Equttjp iwwwrtMu — 

which included interest from Euotw Bargain 

retail buyers as well as profes- snares Traded (mo 

sional market traders. Yields — ■ 

on 20 year Government issues - looeningl fi 
are still just over 9 per cent, T q 1 

which is regarded as very at- Jf 

tractive in a market increasing- Pay's High 1311 

ly drawn towards the highest 

quality defensive investment g 

instruments. 

British Petroleum hovered 
around 262p, nearly 70p below Big Bang exposure”, 
the underwritten offer price, as Bass were in rt 


FINANCIAL TIMES STOCK INDICES 


Since Cnfflpilauoo 


_ _ Another substantial turnover Traditional Oft 1 1 OBS 

T7 .was seen in BP where over 24m igm tsK 

V shares went through the S£AQ jju debtor* 

1 , . system: BP shares rallied to AraHngs Ort 

covery movement looked rather before dosing a nel 5 **• 

fragile, bat encouraged hf » ^gher at 259j» on hopes that the MtUT? 
good performance on wall n^tlv^wid wiU put up a better end oflondon Starr St irKt 


good performance on wau will put up a better endqfUjnaonaiw^* 1 '^* 

Street in the first couple of {g ow KjThao previously cxpcc- Stock* 
hours of trading, domestic m- ^ u^he event of a Govern* Mil ‘deluded fttxMS, 
sues recorded some useful mem gp-ahead forth* Issue. 


Qrd.DW.YIeM 4.76 

EsnrttpYMLSHJWf) 1L83 

P/E Ratio (net) O 1034 

SEAQ Bargains (5 Dm) 37,681 


a/v ! 

1.2885 } 
usao) ( 
2882 S 

UTO '■ 

S.E_ AC 


{ 127.4 ) 49.18 

umm i tw3» I onmi 

9023 } ltffi.a I 50 S3 

• (2SH<71 ) 13,1775) 

! 1,9*62 j «.4 

{ 06 , 7 / 87 ) | Q 6 I 6401 

S 734.7 ; AS 


■ osrg3i !qyia7ii 
ACTIVITY 

| OR. 23 j 0O. 2T 


EqtrtCf Turnover (£m) . 

Equity Bargain 

Shares Traded (mD _ 


- 183231 184351 149372 302L66 1 

_ 58,079 74392 78322 99351 

— 723-4 7785 6593 863.4 


61h Edged Bargains . 

Equity Bargains 

Equity Value 

5-On Arerage 
Gilt Edged Bargains . 
Equity Bargains 


Equity Vatae ‘ 4398J 


Opening 

1284.9 


lOa-rn. llajn. Noon 1p.m. 2 Pf - JJJTr, 

12963 1 1 1298.91 12993 1292.01 1295.2 1 1303-31 

L5 Day's LOW 1284.9 Bash 100 Gort. Sea 15WV26b Fbed InL 192ft Onfmary l/TOS, GeM Mines 12,905. 

SE ActMty 1567 • NU-102a 


Day's High 13113 


LONDON REPORT AND LATEST SHARE INDEX: TEL. 01-246 8026 


sues recorded some useta] 
gains at the close. Glaxo lead 
the way with a rise of U at £1 1 
while Beednm rallied to finish 
15 dearer at 383p. Hasson Trust 
were a relatively lively market 
(some 10m shares shares 
Changed hands) and settled 6 to 
the good at 130p Wellcome re* 

g ined 9 to 317p and Fisonsfi to 
lp. Reuter*, however, ran into 
fresh early selling and fell away 
to around 412p before recover- 
ing to close at 421p. still down 5 
on the day. Elsewhere, English 
China Clays picked up 12 to 
385p. but British Aerospace, still 
reflecting currency worries, 
eased afresh to close down 7 
more at 368p. Rockware moved 
up 6 to 88p in belated response 
to the preliminary figures, 
while the good annual results 
left AmuMwa similar amount 
dearer at 80p- he La Rue closed 


SntloSbeadfcrSetsS: TUmn 

British Gas were up 8 at H5p TV. 
i a turnover of over IBm Cftrwssr, CodloUdatrd 


on a turnover or over um viwjw«, 
shares. Elsewhere Cater G» *^**^£*££1 yS" 
IS to 4030. l«Uk EeUltra BtltlRh 


snorted 3S to «3pu «»- ««*ra », vmijn 

P Traded option activity nr- Control. SagrttlW.^Jiarelg* 


irioen epuvu -■ ■ Vn 4 

mained reUtively buoyant with Bank. Weir Siw^ TSS. Y W 


a total of 34.611 contracts Wan- Trt»i, Wl 7 c *"® 

seated comprising 16326 caHs tey .Ei)de tig 

and 15J8&1 put*. The FTSEeon- Smith Md 


tract attracted 1^07 puts and tdat. Tarmac. SI- Gfanp. B8WN 

nnlv Slfl calls, but HaumtTnnt AMemn* BrlUak Tclccam. 


only 516 calls, but HauawnTratl AWrnn, ftUM T , 
calls were again favoured with $***** 


some 1,987 registered with only '.Spt ********* 

999 puts recorded BP attracted ana XUrtnfWi 


TRAOfMG VOLUME IN MAJOR STOCKS 


Tftr 1 Mora c* sr«!iaa »•»«» 'or *oH* t*tv» mi§ Nh &CAS tnsM> 

y«W«Sftr i«fc: 5. 


British Petroleum hovered . a shade better at 4 10p following 

around 262p, nearly 70p below Big Bang exposure”. has built up his stake in Royals - e ®sed a couple of pence zwp, revelation that Mr Robert 

the underwritten offer price, as Bass were in renewed de- has recently increased its hold- while Laura Ashley gave up o to jjaxweil has recently built up a 

the City awaited news. There mand on its defensive qualities ing fron 5.8 per cent to 6.05 per 12lp. A recent recommenaation in the company. Televi- 

was a good recovery in privatxs- and put on 20 further to 853p for cent. Guardian Royal Exchange from w ood Mackenzie tnRgerw SU)Q issues staged a revival with 

ation issues, with British Gas a two-day gain of 46. added 30 to 870p as Wood Mack- support for Etara. 12 higher at Thames picking up 28 at 318p 

standing out well. Wood Mackenzie's analysts enzie followed Klein wort in 253p. . . _ . . „ and TV-am rallying 38 to 292p. 


ation issues, with British Gas a two-day gain of 46. 


added 30 to 870p as Wood Mack- 
enzie followed Klein wort in 


standing out welL Wood Mackenzie's analysts enzie followed Kleinwort in Zo3p. 

Despite the continued weak- point out that Bass is a company recommending a switch into the British Telecom, w 
ness in the US dollar, insurance with minimal exposure to the shares from Sun Alliance. ty iS a twest recent^ y 

stocks staged a recovery from US and suggest that it provides Leading Building descrip- the C0 ™P® 1 ':' s . ff/ ei 
their heavy losses. Banking the ideal combination of su peri- tions took a distinct turn for the ties, added 6 at 235p. 
shares, too, steadied as inves- or managment with high quality better. RedLmd, currently show- Leading Engineer 
tors measured their quality as domestic earnings. ing analysts around its latest US the rally, with Hawk 

defensive stocks. Initial strong gains in the big acquisitions, rallied strongly to to the good at 4l4p i 


ipport for Etam. 12 higher at xhamea picking up 28 at 318p 
•3P- . _ and TV-am rallying 38 to 292p. 

British Telecom, where Coun- LWT i mprove d 13 to 8l3p. 
NatWest recently highlighted 


Cm*"9 ■ On'* 

Swk OWi (nit £hWK 

ASM-vn i&a ihr *i 

ADirtlwm 3.4C0 33* *1 

Amind 1*30 IIS - 

ArnCGrm. 2600 2C *« 

6nK.Sriifaaa.. 2SC X *i 

BAA— l.«0 M4 -J 

BAT fcjm 418 •! 

BCT fe*« an *2 

81 CC 467 3 CI *« 

8 OC_, «J9 M6 *! 

SpBms 1.T20 776 *19 

■TR 4 «Q 2 » -1 

LhO «*J a» 


Leading Building descrip- the company's defensive quail- Suggestions that the current Ban — lmo 


wMmt c^-4 tu» > 

Sl«» ... OOOi pier rutqr 

&&•> JjOO Vi -IV 

LMbrah* i *57 3TO 

URW««n — -urn are -5 

nfc . 2tb *9 ■. 

UAIM USX 

U5W 475 7M *i 

Law** . ..... «g ;n «a 

LKK .... 75* «M *4 

■W W IW -1 

NiOUUmir.: ».9» 1C3 *'■ 

Maw* tttww— i9n -j 

MiawaSamr. — . 2.KO M a* 

Iwtwmlaak L5» V4 


City office boom is nearing as 


defensive stocks. 


Property 


-V. 2.®a 

— w 

-v 127 
veo 
3235 


— 18JH0 
1.300 

— . am 
\xo 
636 


The market's more optimistic four banks gave way to wide- close 27 higher at 391p. Rugby better at 271 p. Rolls-Rnyce^a f in ner at one SUige. eased 
trend was challenged, however, spread nervousness and a gen- attracted fresh support at 196p, relatively quietmarket. picked back 3 off at 425p. — 127 90 

by investors' caution towards eral setback before a gradual up 11, while Blue Circle picked up 4 to 129 p. Frederick cooper, jje PC gave up 8 at 395p and bm»i — 

the trading results from Imperi- return of confidence. Barclays up 12 at 3295p. BPB Industries reflecting satisfactory preumi- p^achey closed 5 off at 320pw y - ----- — — * a.coo- syr 

al Chemical Industries, one of moved up 10 to 473p and Mid- met with renewed buying inter- nary figures finned 5 to lo3p. British remained on offer 

the equity sectors belwether land 8 to 358p. But the steep est and rose 19 to 276p. Among but Holins, a poor market since at 213p, down 10 and 

stocks. falls in Australian, Tokyo and Construction issues. Taylor the dismissal of the the com pa- HD A s bed 15 more to 4S3p. Cjk«&w>c 2600 790 *4 

ICI revealed third-quarter Hong Kong markets triggered a Woodrow, a particularly dull ny's managing director, weak- City of London lost 20 at Cjet^rSOww — «5» 727 -1 

profits some £10m in excess of sharp decline in Standard Char- market recently, improved 29 to eaed afresh to close 9 lower at p^lan sbed 40 to 875pu £®** v .7**!- !S£ ?S •* 

market estimates but the com- tered - where Robert Holmes a 336p. AMEC, which announced 2Q0p. The revival m the Food STr-Sw 0 *' — *” 325 ** 

pony's cautious statement about Court has a near IS per cent contracts worth some £56m yes- sector was half-hearted and on- The majority of Textile issue earnest 

the impact on trade of the cur- stake - which slumped 38 more terday, were unchanged at 295p. ly involved a handful of stocks. f a j]ed to join in the recovery Ceu-um*^ 

rent financial and foreign ex- to 450p, albeit in a painfully J. Smart added a penny to ll"p Nevertheless, Tesco rallied movement. Coortanlds, although 9 l ££f™~ 

change turmoil which has yet to thin market in reply to increased annual strongly and closed 12 higher at a much steadier market, settled ri^£5n«rT~ 

be assessed, together with the Merchant banks showed Hill The stores sector continued to 167p. while ASDA-MFI added 3 » few oence lower at 326p after ^ 


ICNM 

Rkws aeci 

Rmim — * 

R ««tn— 


u *2 tno 

RaOlkqu ZflQP 

RmNOPt tad UOO 

B((WfK.. i^mm. 405 
*#* 0 * icwmw. mi 


JT? « .t 

*84 SOS 
M« J#0 
37* 71) 

*» M 
IMS UR 
230 0 tn 


change turmoil which has yet to thin market 


be assessed, together with the Merchant banks showed Hill 


general uncertainty surround- Samuel up IS to 750p'as hopes draw strength from numerous to I67p. United Biscuits picked a half-hearted rally at one tcc.«cc m 636 7*1 

ing equities left the price lower grew that TSB shareholders buy recommendations based on up 3 at 260p and Dalgety im- stage. Fresh losses of around 8 fa*. Pact.-—... ri2 -1 

on balance. ICI settled 23Vs will approve the bid for the the recent reduction in base proved 6 to 298p. Booker re- were recorded m Dawson, 222p, RF* +*■ 

down at 989p, after 980p. company. Morgan Grenfell rates and forecasts of another gained momentum and clued Allied, 343p, and J- crwe Z is n *4 

NatWest elicited a 'buy' re- edged up to 305p after the cut in the near tature. Marks 16 higher at 341p. Haxlewood at- i63p, smenua 

commendation from securities bank’s reassuring comments and Spencer,aiter a generally tracted support ahead of the re- * 

house Wood Mackenzie, hard on about its commitment to its US good Press response to the in- suits and rose 6 to 219p. while Among Tobaccos. Bat Imu- nwairK.t — 


200p. The revival in the Food 

sector was half-hearted and on- The majority of Textile issue rZZJzr 

ly involved a handful of stocks. f a j]ed to join in the recovery caurtasn. 

Nevertheless, Tesco rallied movement Courtanlds, although g**C«" «» Ui 

strongly and closed 12 higher at a much steadier market, settled g 

167p, while ASDA-MFI added 3 a f ew pence lower at 326p after r«Mi ju 

to I67p. United Biscuits picked a half-hearted rally at one 636 7*i 


** 

+3S thfjlMavmn m -yo »!i 

-2 S’C ZJto ?& *2 

- -a SMftn £400 a, 

5d«n6KwMUi*. UK 308 •» 

*6. S**n : j M tt n: * 4 Kf. 

*j2 SrtUNrtt— 56* 236 -S 

*p Sr>«i4<walK«... 1505 » +• 

■?, Sodto^CARt.^ ej ass -38 

350) til Sooftanr — l UH -.268 -2 - 

*4 &4>AlhMM 6*1 83 «u 

. *} TSB A«5 )B7 — 

' ♦« um m *a 

W OX., - -fro «... 1.500 K7 

♦» TkrHCHf 15(8. W - 

♦» TnM^rNwM-. 4000 30G -5 

-6 rwrtr^^ two m *2 

5*4 2i* *:« 

*6 BMmrl W IM *UJ 

♦7 UQirt8tte«B— _ MSS - 2W *1 

“ UOtomr -U. ..I3BB 327 *» 

-Oh Wtftttf.T 4P* BB «lt 

Ufariwai^. — -%m 315 *n 

u* 6Mwi na im* b im w a i wn i m e w nci vn wiia r 


suits and rose 6 to 219p. while 


53d. GfMMtt _ 

* - gus ~ 

Among Tobaccos, Bat Indttfr- gg«a»R.C 


the heels of similar stances re- operations. SG Warburg rose 9 terim figures, moved up to 206p Freshbake gained 13 to H5p in tries, still reflecting 


centiy taken by BZW and Klein- to 354 p. . . 

wort Grieveson, Life assurances made good fraction up on the day at 203p. lnternatioanl stocks staged a in the US. finis 

Wood Mac says NatWest’s rel- progress although turnover re* Sears also made good progress welcome rally. Initially, the re- dearer at 41 Bp. 

ative strengths in the sector are mained at minimal levels. Pro* following a buy recommends- — - 

not adequately reflected in its dential spurted 45 to 823p as tion from Phillips St Drew, and r „_ .. 

rating which is only slightly BZW and Phillips & Drew closed 4V* up at 131p. Wool- NEW HIGHS AND LOWS FOR X* 

higher than those of its main moved in to buy the shares. worths attracted sustained buy- ncw highs (i) KMsmrotiNa 

competitors. It points to "attrac- In composites Boyals jumped ing interest and closed to ■mtism funds a> Tro**ury 2pc ives. hotel) nj. ti 


before easing back to close a reply to Press comment 


about the co' 


worries g“^ 


tapany's exposure K«rwn 
isned only u shade iumiTi 


not adequately reflected in its dential spurted 45 to Stop as 
rating which is only slightly BZW and Phillips & Drew 


NEW HIGHS AND LOWS FOR 1387 


higher than those of its main moved in to buy the shares. 


525 
USX 

w 

an 
zm 
Urn 0 

mri Mi Mi us 

MmonTraa U.OBO 

KHwk^SJda BUJ 

MiltfMHIAU— L7B0 
ICI MOO 


competitors. It points to 'attrac- 
tive yields' in the sector - NatW- 


In com 
13 to 39 


imposites Boyals jumped ing interest and closed to 
393p following the an* higher at 315p.while Burton 


est currently yields almost 5 per nouncement that Jomet - the Group added a tarther 0 at 226p. 


cent Klein worts prefers NatW- nominee company through R* toners, however. 


new highs ci) nammiM ok now m, 

■RITtSM FUNDS O) Tnmury Zpc 1988. MOTELS Ok IKBUSniUU CWX 
NEW LOWS (292) IMSUMAKCC Ok UMtltt GO. 

AMERICANS (41). CAMAOIAMS 09). MOTOMS CO, MCWSrATCKS 
BANKS (7h BREWERS Ok VAMCItt CM. F MHHU (U). 

BUILD IKCS (4). CHEMICALS C7k SHIHINB O). TEXTILES <«; 


ROBS AMD FAILS 


est to Barclays 'due to its lower which John Spaivin’s Adsteam back by their US interests and stores («). electricals ask trusts (71), oils oo), mines osC 


•rtUftf ns 

CmwoGbM, Own- Mtf rwi *M Utm 


FT-ACTU ARIES INDICES 


LONDON TRADED OPTIONS 


(Hiimv 
mm fms sm» 

G» 12 0 

36 S M 

tt) LOW, 

S7 366 1ST 

n 59 J 4 


IfcMr.NaM* . 
.MRS . UK 9BMt 

S! 'H iB 

HS i£ 1 S 

IN no 130 


These Indices are the joint cnnpHatfen of the Financial Times, 
the Institute of Actuaries and the Faculty of Actuaries 


EQUITY GROUPS 
& SUB-SECTIONS 


Thursday October 29 1987 


Figures in parentheses sbw number ol 
stocks per Mctien 


















































































































































































































































































































































































t 


■Aa 


Financial Times Friday October 30 1987 0 


WORLD STOCK MARKETS 


( Wii 







CANADA 


«k Nqh lo> Ctae 

TORONTO 

Prices at 2.30pm 
October 29 


17516 MICA Ini 
33460 AbWbi Pt 
, 44100 Agnlco E 
76616 Mbm En 
700 Aferu N 
331127 Alcan 
too Algo Cant 
32«3 Algous 61 
3COM Alarms 
3000 Ah» I I 
400 An a 
52024 BA BC«i 
3600 BC Sugar A 
24860 BOA A 
27862 BP Canada 
5800 Bantetor C 
104370 Bk Monti 
175387 BA NSCSt 
243234 EMI Can 
105797 Bow tfaly 
TIMS Bnhmw 
0550 Bramslea 
1B607O Brascan A 
121762 BrSwator 
500 Branda M 
11900 BC ForP 
71588 BC Roe 
7833 BC Pnona 
1700 Bfurawh 
43200 CAE 
3)134 CO. B I 
300 CtL 
4700 Cad Frv 
53700 Camondg 
COO Camp Res 
860 Camp Soup 
187837 Campeau f 
1881 CCem as p 
837575 COC f 
500 Can Hah 
MI48 C Nor Weal 
34100 C Panes 
11 SBS CS Pete f 
812 Can Trust 
300 CC Invest 
368401 Ct Bk Com 
2175 C Marconi 
47884 C Oedenuil 
539605 CP. UP 
64702 CTira A f 
10642 CUM A I 
300 CUM B 
22100 Cantor 
1200 Cara 
4500 Cara A I 
131202 Carina A 
4700 Crianeoa 
13600 CentFd A 
5000 Centrl Tr 


NEW YORK 


* l B-p 
20 21% 
171, 103, 

»% 17V 

11 % 11 % 

28V 31*4 
185, 18% 
14 141, 

«V 71, 
»b 

■V 8% 

BB 61 
21V =21, 
B% 10 
15V 17V 
8V 8% 
2V, 26i, 
12% 12% 
SS't 3S% 
13V 14V 
130 140 

18% IB 
25 25V 

430 475 

11 II 
141. 15% 

87 90 

=4’« 24V 
11 II 
7 71, 

7 & 

20i, 26V 
33V 33V 
18V MV 
195 195 

MV 16V 

12V 13V 
13V 13V 
8V *V 
20 20 
17V 17V 
12V «V 
230 250 

58 58 

36 35 

18V 18V 
12V 12V 
16 IB 
19V 1BV 
11V 1‘7, 


IB 19 

8 V «V 

BV BV 

17 1«V 

IB 16V 
OV V| 


Gain Sack High 
3950 OiiefUn EB, 
6300 CHUM B 1 Sl4 1, 
103380 Cominee 512-', 
102S0 Compulteg S5% 
8100 Csmpul In 2 TQ 
3750 Ctmuorm eg 
134038 Can Bain A 514V 
18600 CDtstt. A I 55V 
3000 Cam Cm KON 
70S Con Class S18 
100 CTL Bank 310 
15015 Comnl A 59 V 
1600 Carey 5 16 V 
1700 CMUift Lid J 8 % 
31000 Ccsoka H 63 
14850 l>own» JlQ 
73728 Crowm A I S5 
79 TOO CfBf Res 1U 
18825 Denison A p S5% 
54755 Denison B I 55 
5I8D Die* nan A I is 
1300 Dicknsn 6 510 

31420 Dtfosco $22% 
2760G2 Dome Pete 84 
11885 D Ton* 515V 
28515 Demur 513', 
MOO Du Pont A 524 
71850 Dylan A $71, 
117600 Echo Bay 5233, 
7400 Emco S13 

8883 FQA MU S5% 
193300 Flcnbidg 517V 
12360 FNMA Sill, 
1600 Fed Plan SC 
925 FC'ly Fa SUV 
100 Ford Cnda S140 
6650 Gan dad 57 V 
13750 Gear Comp 165 
2300 Gendis a SUV 
1600 Cunt Yk Sl»j 
2800 Gibiltar 59 
41100 Gotdcorp I S7V 
3600 Giolton A I Sll 
450 GL Forest £30'., 
420 Greytind SIS-', 
MO Hawker SM 
1600 Hay os D SID 
118900 Hm Inn £18 
8626 H BayMn ■ M% 
11708 H Bay Co SUV 
74925 imanco S28V 
64094 Imp Oil A S69V 
129508 into S1B% 

8100 Mdl S9 

2600 Wand Gas Sll 
B9HJ tniMpac S3 
S025 Uuor City S13% 
03444 Imi Thom S 8 V 
2185 Intpr Pipe 541'; 
212 Ipau S10 

33847 Iwaco A I 61 IV 
1200 Ivaco B Sll', 
32040 Jannock SUV 
54336 Kerr Add SUV 
3800 Kiena Gld 5t5% 
14436 Laban 523% 
268075 LL Lac S’OV 
I 56150 Lacana Si2V 


Solti Sub 

44313 Lauliaw A 

3tw rea Lukiiw a t 

N153 Letgn Msi 
*rJ0 Labiate Co 
6660 Lurr-jjniCS 
2900 M1CC 
2703 MSP. E* 
73410 Melon H X 
2250 Mcln HY I 
37272; Macmilon 
JPk~<5 Magna A 1 
3903 Mjriiime 1 
ICO Me iniyio 
5275 Bmil Res 
23100 Mitel Chip 
1300 Mortal 

4256 McUMn A 1 
1009 Mol yon B 
1800 M TiuiCO 
106414 Uooro 
263912 NM Bh Con 
2052 Nl Vg Ticg 
3100 NO CWA I 
13150 Nfld LP A 
263620 Ndfanda 
6567 Norton 
14239 Nt'ifcn wd 1 

1077? NC Dili 
l&IUtt Nor Tel 
420*0 Normgal 
33150 NdwWo W 
T187DO Mu West 
17000 Mu mar 
2250 Cj.wrod 
8600 Oatwd A 1 
14200 Ocelot B ! 
£930 Omega Hyd 

inaa Ovuw, a i 

«?<wp Par'.v Am 
16MW P’urm A I 
6200 Pamcur 
:"M0 Parnl on P 
16606 Pegasus 
115 Penrpina 
05510 PJO«l A I 
I19U Pine- Ppim 
44650 Paco Pol 
53650 Powr Cor I 
0712 Precamb 
3150 Pujkipj 
1 MM Guo Slurp 
162*35 Rsnpor 
telSO Aj.iotk I 
Bedpam 

760-7 Hog uni R 
22era? Pciiman A f 
265-C Runiuitca 
06955 Hepap t 
<>'5 Riu A 190 m 
54C0 Rogers A 
tL'bf Roper, B I 
5400 Human 

2 i SMB Roral Bn* 
OCi Rylrco A 
147^0 Rcyo. 

10561 SHI SvM 
HOOO 51 Com A 1 
8300 Sceptre 


| Sale: 

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MONTREAL 



j CZom'R.C pTzee*: October 29 


VA~*3 

Bjhp M;n! 

'-■^1 


KV 



[ f-HS EmtirciA Je>, t 

1 Sue 5 feiet'Cl & t 

| ::v» c 5 f> i'j., i: 

| 07544 Caracas i ’ . 1 - 

17 CanQam S'-4 - 

11 ■£ £-:m7"!A I - 7 , 

M.ri Mrrlrjl S'.", U 

1XV50 N«6- Cda 5 C— V 

14?:r -.r.e'Tu i:: , V 

£36110 P: nor Car, *13 :■ 

14f:o Pr n : 7-\ f 

■ tr:i3 P;j [r;i i'. • i‘ 

126:5 F i '4' 

t}7‘U» Rardi Dan. i27~ 2’ 

| tC-715 r-iHinC . ji 

■ I43:c Vidoo'-on it 

i Tcul Sj!« t 4’ J 072 sr.sws 


Indices 


NOTES - Prices aa drit page am at 
gmad on tke WMmal tmkagps tad art I 
HMW*d FiMs. falwa? alMjt.<DttlltBi I H.Y.S.E ULCDMM0M 
snoended. ml Ei dMdrad. <c Ei icnp Mat- 1 
xrEarigMs. nExal. * PneeinKraoer 


OVER-THE-COUNTER Nasdaq national market, closing prices 



Saks High Ian las Oag 

«Hn*» 


Condnaed from Page 49 


CMIOl 
OciAJrg 
Ogll‘3p B4 
OhloCMl.68 
OUP rits M 
OwRecaib 
Cannlcm .90 
OneBc M 
OnaPrs 

DpLcC 
Gpucfl 
Oracles 
Or OH 
Orpngn 
090 BA 54 
OshkTB JO 
OttrTP 252 
OwcnUn.su 


14V 14V 
BV «* 
23 2Z1, 

301, 35i, 

I9»| d10V 
19V We 
171, 187, 

10 91, 

7*4 6v 
12V i=V 
MV 13V 
24V IB 
4V 4V 
9i, B 

«v 

16V 16 

36 34V 

14V 12 


14V 

8V+1V 
23 4- V 
36 V +11, 
197,4- V 

I#v + V 

187,- 1, 

W + V 
7V +H, 
1=** + V 

141, + 1 
ZW, +4S, 
4V+ V 
9 

■«V + V 
16V + V 
34',- 1, 
14J,+Z7, 


PACE 

PCS 

Pscar i 80a 

PacFst ,40a 

Pam era 

Parwan 

Paitex 

PauIHrs 

Payetu 

PegGId 

Penocs MB 

Pantair JO 

Penwa 

PaoBnC 1 

PeopHri33e 

PeoWat 

PerpSe 

Penile 1.12 

Ptiimd 

Phrmci.lSe 

PlcSaus 

PlcCnte .48 

PlonHI 1.04 

PAcyUg 

PoughSvJOe 

PrecCst .08 

PresLIs JOB 

PnunCp 50 

Prtam 

PrtcaCo 

PrceTR 

PrlmiO .16b 

ProsGp 

ProtUa TO 

PrvLla 54 
PgSdBc 50 
PurltBs .11 
PyrmT 
□Mods 
QVC 

Chian rx 

OuakCA 50 
Ouantm 
On Iks hr 
QuUte 

RPU 54 
RaoSyWHa 
flam, 
RfieyCr 


P Q 

1051 4V 4 

34 171 23 POS, 
8 1026 461, «v 

3 327 121, 117, 

18 324 6% 5V 

18 1777 21 14i, 

337 111, 7V 
g i23a 6v sv 

31 524 18V 17 

37 2383 MS, 13 
10 847 2S 23V 
13 179 211, 20V 

9 298 14V 13V 
33 370 48V 46V 

6 545 11V 113b 

7 160 17V 016V 

0 305 07, BV 

17 125 23 22V 

911 17, 1% 

23 sea ia diai, 

12 18M 121, ill, 

15 231 15 14 

16 6C8 25V 25 

17 520 167, 15V 

6 773 12V 11V 
13 1217 267, 241, 

13 693 «V 9 

27 318 9 d 8V 

2629 1»r I’, 

20 5160 30 381, 

10 2S7 19V 18V 

111 63 87, 0V 

2650 GV B 

8 280 12 11% 

6 1280 14V dl41, 

10 1000 17V d< 7 
IB 1S9 16V 16 

482 61, 5V 

15 KS 4V 4', 
329 51, 47, 

256 5 41, 

IT 567 16V »V 
24 1072 11 9'a 

ri 610 7% 6% 

012 5*, S', 

R R 

15 307 17 18V 

16 53B6 BV &>, 

11 738 S 4% 

2708 1% 1 3-16 1 


«, + V 
22% +1V 
46 +W» 
121, + V 

8',+ T, 
18V +4 
10V +3 
6V+ V 
19V +3 
13 -IV 
25 +1V 
21-V 
14V + V 
48% +41, 

11%+ V 

187, 

8V + V 
23 + V 
i», + V 
17*,+ V 
1=V+1 

14J, + v 

2 e + v 

16V +1 ■ 
12V + V 

26i, +2 
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8*4 

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29V +2 
19V + I, 
9», + V 
B%+1V 
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MV- V , 
17V + 1 

18V + V 
p, + V 

«v+ v 

5+V 
5 + V 
161?- 1, 
10'- +11, 
71,+ 7, 
SV+ V 


17 + V • 
81? + V , 
5 + % 
5-16+ 1, 

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RgcyEI JO 

Reginas 

RegtBc 

Rapign 

BapAmJ6e 

ReutrH-96a 

flown 

Royfly JB 

RhonPl 

Ribltm 

RchmWOfie 

RiOgaNH-lO 

RoadSvl 10 

RochCS56e 

RgrCfaA 

RawHFd 

Roaptch.1^ 

RoasSIr 

RouMS .47 

RoyGW 

Hoyipia 

RyanFs 


SCI Syn 

SCORU 

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SKFAB1A7* 
■SPIPn .07 
SaKMa56e 
Satecds.iq 
Sateens 36 
S*geBH 

SUudo 

StPaulB55e 
StPaul#1.78 
Sdiick 
SFFdl 
Sonfrda 
Scnerer 58 
SchiAs j40b 
S cimds 
SciMic 
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Seefliua 
Seairgl .16 
SeamF 
SEEQa 
Selbal M0 
Seteuneioa 
Sensor 55 
Sequent 
SvcMer .08 
SvOak .18 
ShrMed .72 
Shwrru 2.04 

Snoney .16 

ShonSo 

Sh nurds 

SlgmAI 3M 

SiamDi 

SilcnGr 

Silicons 

SWcVte 

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SimAIr 

Surter 

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SaciySv M 

SaftwA 

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Sate, Kgh law tod Oag 

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22 883 3V 3 SU + V 

13 138 12V 10V 12V + TV 
6 2D 11% WV 10V- % 

484 S3, SV SV + V 

11 17 Mi, ,37, MV + V 

0827 44V 42 43V +1 

10 1321 5*, SV SV 

6 611 17 


MV 17 +8 


880 287, 28V 2B7,+ v 


3430 3V 3!i 
502 W, 10 
24 3E9 711, 20 


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tS 5447 25V =31, 251, +2 
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851 IP, MV WV+1V 
387 9V 8 SV+ V 

174 16V MV 167, +1V 
2900 41? av 4V+ V 

551791 17V WV 171? + % 

751009 5V 47, 31, + V 

6631 7V 7 7 - V 

2B 101 56 BV TV 0V+ V 


163021 12 i, 11 % 12 %+ V 
7 900 7% 5% 5V - V 

22 886 13 11% 13 +1V 

1861 M 12% M +1% 
55 44% 043% 44% -2 

61 0 6 % 7% +2 

1696 18% 177, ia%+ % 
6423* 6 V 8 6 - V 

71120 29 26% 2BV+2V 

M 643 7 57, 8 % + V 

13 1505 20 16% 18% +27, 

2091 10 9% 10 + % 

03300 46V 43% 46% +2% 
M 232 6 7% 8 + V 


SonocPs J2 
Sonora 
ISCaiNt SB 
Soonat 
SoMdSv 
Soutrat JO 
Sovran 1.44 
Soane* 

| Standy 120 
SMMte 
StdHsgs M 
SuptSvl.431 
StaStBa M 
StwBcs JO 
SnwStv 

stwinf n 

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Strwbd J3 

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Sumn 20 

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2091 10 9% 10 + V 

03300 46V 43% 461, +2*, 
M 232 B 7% 8 + I, 

52032 M% 13% M + V 
M 128 22% 21% 22V +1% 
14 117 12 11% 1U. + % 

14 254 31 26 30 +3% 

37 243 7 6% 8%+ % 

10 005 47, 4 47,+ 7, 

95 21% 20 
414188 12i, ia 


30 +3% 
6%+ % 
47, + 7, 
21-V 
11 % + 1 % 


12 200 Ml, 417% 187, - % 

M 2618 14 13 13V +1% 

21 683 4% 3% 4%+ % 

7 273 12% 11 12% + V 

7 135 20% Mi, 20% +2% 
18 1090 B% 7% BV + V 

271 10% ~ 

3454 4% 

13 141 10 


11 12V + V 

IP, 20% +21, 
7% BV+ V 
9% 10% t % 

SV 4%+ i, 

9% 10 + V 


112448 21% 197, 207,+ 7, 

12 611 33% 32% 33 +. % 


231302 21 

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M 2982 9% 

211634 33% 
13 S21 12 


WV+ % 
7% + % 
9V+2 
3ZV+ V 
11V + »% 


231067 13% 11% 13 +1% 
152940 71, 57, TV + 1% 

16 865 8 5% 6% 

16 848 5V 4% 6V+ h 


6 AM 28% 28 28% + % ! 

S 232 MV 13% 14 + % l 

12 420 •% «% B%- «*» 

10 601 7% S% 7 +1% ; 


TB& 

TCA 2* 

TCBY 

TCF 

TMK JOB 

TPl En 

TSO 

Taiman 

Tendon 

TcHDtoB 

Taknwd 

TtcmAs 

nemwt 

Tatada 24 

Tetmatc 

Totata 

Tebcon Hit 

Tamm .98 

Teram 

3Com 

Toklon.t9i 

Topoe .17 

TraMue 

TrtSrar 

Triadsy 

Trtwed t 

Tartcp 1J8 

TOCntn 32 

TycoTy 

Tyaons .04 

DSTs as 
UTL 
Ungmo 
Unit] 

UnPIner JO 
UACtn J4 
UBCol JM) 
UHltCr 
UMSvre .72 


Salat High Uw 

15 508 21% 20% 
734 5% d 5 

9 33* W% T7% 
417473 13 d12 
248 10% 9% 

7 223 17% 17 

11 561 287, ggi, 
68 81, 6% 

• 62 301? 271? 

1380 SV 5 
M 243 181, is% 
310 10% d 0% 
81622 21% 17% 

12 142 20 16 

12 170 MV 13 

7 523 121, 11 

345178 20 171, 

8 141 25% 23% 

20 878 15% 14% 

38 57 55% 

481065 6% 8% 

12 393 81, 7 

11 321 221, 21% 
152285 10% WV 
24 15600 321, 25% 

B 79 26V 25% 
23 713 26% 21% 
1681 17, 1% 

7 SOI 7 8 

14 2074 4% 4 

1228 8% 7% 

M 382 19% 161, 

T T 

9 90 B% 8 

41 107 20% 19% 

19 1851 91, 6 

15 963 7% 7% 

a 00 71, 7 

10733 4% 37, 

5 234 7 5% 

438 7% 67, 

24481 2% 113-18 

11 507 7% 7 

84 482 BV 5% 

389332 21 18% 

63 42 38 

28M36 29% 23% 
25 784 7V 6% 

13 899 10% 97, 

M IBIS 13% 12% 

10 259 18V 18% 

48 872 10V 8 

23 4810 17 13% 

77 402 88’, 85% 

197 17 157, 

18 US M 12% 
166449 8% d 0i, 

11 g<8 av r% 

172 10V 9% 

9 109 25 d»v 
11 993 1B7, 171, 

0 730 81, 77, 

18 2765 18% 15% 

u u 

11 275 21 20 

11 462 7% 71, 

20 MSS 7 5% 

9 403 13 12', 

33 718 21%(CD% 
148687 17% 14% 
27 63 17 16% 

11 384 4 3% 

42055 13% 12% 


21 %+ % 
S%-1 

1B%+ V 
12% 

W%+ % 
17 - % 

*5V+ % 
17% +1% 
10 - l, 
20V +3% 
20 +H, 
M +1% 
11% 

197, +8% 
25 +1% 
15% +1 
57 +2 
B%+ % 
71,- % 
22 +1 
10',+ V 
301, +BV 
26', 

28 +5 
i%+ V 
7+», 
4%+ % 

91, +1 

10 

8 %+ % 
W%- V 
8 + % 
P,+ % 
71, 

4%+ % 

e%+ % 

7i,+ % 

2 +3-1B 
TV 

57,+ % 
20% +2% 
42 +6% 
SB +47, 
71, +1 

wv+ V 
13',+ % 
17V + IV 
9%+ V 
16V +3V 
67% +2V 
17 +1% 
14 +1 

BV- V 
a%+ % 
»v + % 

24%+ v I 
Ml, - % . 

a%+ v 

Mi. . 
20 

73*+ % 
87, +1 

13 + % 
211, 

17% +2% , 
16% - V | 

y B + %■ 

13V + % • 


USScp JO 
US HttC .« 
US Sur AO 
US Tis 1 
UStam 2B 
UnTelev 
UnuFn.D3a 
UnvtiU J3e 
UnvMadJO 


flirt hgh 
(Holt) 

7 573 21 
86124 57, 

IB 784 » 

9 720 20 
14 356 Ml, 

45 503 15% 

10 001 12 % 

36 1138 4% 

9 602*5-18 4 


t>-« Iw Org 

20% 20%+ V 
4% 5% + 1 

22*, 23i, - % 

28% 28% +2% 
13% 14 + % 

14% IS', + % 
11 % 12 
37, 4 + V 

1-16 43-18 -1-16 


hhtatel Walt 
Comjxndi 

MBtTKM. PanfaGa 


Oct Oct Oct Od 

B 28 77 28 Hgh Utw 

2.M.1* Z.1B4.1 7.111 J JJBBB 3J07J (5/10/67) 1.9892 (Z‘1.'89 

U7L4‘ ZJJ7J- UJSJ mu 4.1 12 J HI'S) 2,846 J tfft'lH 

1.471JT 1.432JI I.4S3A9 1.435J4 2224.77 112/1?) 1.436.94 l!Sr IIP 


SWITZERLAM) [ 

5wt> &Mk ted. 0102^8) _ H09 


WOULD 

MS. c«4jl Ind. a/1/70) (a) 


VBond 

VU 

VLSI 

VM Site 

•WIIR JO 

vaiidlfl 

ValNU 1A4 

VanGW 

Verotug 

Vlcorp 

VlawMs 

Viking 

Vlponi 

VhaMh 

Volvo 12*0 

WD40U2B 

WTD 

WaXxo 40 
WashEsIJa 
W=SLa JO 
WMSEs .40 
WatrK3l.44e 
Waostndje 
WausP .40 
WbaiFn 05e 
Wdblte 

f t— U 

wiiiTwnrf 

Werner J4e 

WstAut 

WstCop 

WslFSL.10e 

WnWste 

WwnPb 

W1T1A 

WBtmrh 

WmorC .60 

WsiwOe 

Weteras 

wnerreh 
wuiamtlJB 
WUIAL 
WUSFS .O5o 
WflmTs J4 
WltenF 
Wlndim 
WteerO JO 
Wotenn jo 
WCYS 200 
WOW 

Worthg .40 
Wyman JO 
Wysa 

XOMA 

Xlcor 

Xktex 

Xyioglc 
kyvsn 
YIOWFS .62 
Zondvn 
Zycod 


V V 

141034 17% 18 

1268 47, 4% 

64 15B0 10% 0V 
17 603 6*, Bi, 

7 65 1BV T7% 

M4 771 27, 2% 

64 676 30% 30% 
979 4% 4% 

687 6% 5% 

4380 8 d 5 

17 1316 6% S7, 

15 63 13 11% 

66 640 10% 14% 

805 14% 12 

5*5 48 47% 

W W 

17 156 24% 23 

11 423 11V 9% 

0 339 17% 16% 

10 201 147, |4% 

6 1503 U42V BIV 

31196 15% 14% 

10 79 13*, dl3% 

11 124 14% 14 

9 107 22V =? 

127 8% 8 

9 60 13% 13V 

809 17 15% 

13 56 121? 11V 

18 702 8 d SV 

7 2246 11% 9% 

20 750 30% 30 

17 S 18V «% 

M 482 11% 9% 

10 384 121, 10% 

1236 13% 12% 

9 1034 143, 141, 

221233 17% 13% 

13 1506 20% 107, 

1366 17 14% 

8 1349 35 MV 

9 1838 13*, 13V 

234 9% SV 

9 311 21% 20<« 

IB 1481 7% 7 V 

13 1324 8% 7% 

98 35 14% 133, 

7 266 9V 6% 
529 10% 10 
3709 3V d 2V 
15 3548 11% IS 
689 13 12 

M 3936 229, 10% 

X Y Z 

1528 10V 8 

1092656 77, 5% 

10247 7% 67, 

8 1724 7*4 6% 

18 1166 7% 6% 

18 2393 25% 23', 

393 8% 7% 

443 3V 3% 


NEW YORK ACTIVE STOCKS 


171, + % i 
47, + 7, ; 
8 + % 
9% +1V 
18 + % 

jSs* * 

30% 

6V+ % 

121 , + % 
17 +21, 
13% +1 
«8%- % 

24% +1V 
10*,+ V 

17% + V 
14% - % 
23V +2 
15%+1V 
13%- % 

14 

22 %+ % 

8 

13% 

17 +1% 

121? + 1 
7V — % 
11% +2 
30% 

16V + V 
11% + 1% 
11V +1% 
13%+ % 
14% +J, 
17 +3V 
20 - % 

17 +2% 
34V- V 
13V 

8',+ % 
21%+ 1, 
7% 

6%+l% 
14% + % 
9%+ % 
10%+ % 

i®£+ % 
12% 

=2% +3% 

10 +2 
7% +2% 

7 + % 

7%+ % 

7 + «* 
25% + 1% 
8>+ % 
3%- % 


Stacks CM** Ckatgt 

InM ssrfc* nadir 

!v25L7OT 23% - % harria* Emms 

$,mjm 2>% » 1 Sugtlkc 


PNUOH Braric 4,52V®3 18% - V 

General EMtrtC 3,4%.*00 43% * % 


118V - V Ejoob . 


Sucks Cfcaing Doogt 
b a ted price go dqr 
1W5.100 22% - IV 

— 2J4BJOO IV - V 

— SJBBjm 26% - 1% 

— 2,172,200 66 ♦ 1% 

2D27JOO 40V - 2V 


BP 

Bril Gat 

HtntoaTr. 

Gan Bate 

TO 

Wl Itegm TM 1 


UHU0N - Most Acthra Stocks 
Tbsrsdiy. October 29, 1987 

hi Daring Chaw Stodte Onag Dangs 

•d Riot at Sty Iztdtd Pnct on Day 

b 269 + 6 IbfcsS Spocr 7Jtt 2B3 +1 

It 145 4 8 Sotrs„ BJte 111 + 4'A 

te 138 +6 BAT 6.3m 418 + I 

■ 172 - 1 AI.Liou 5.4a 339 + 1 

■ 107 aril » 6.4m 989 -Z31-, 

App— 4 Inancrir Y titi ntey. 


** SaturOy October 24: 3—1 Nikkei 2320122 . TSE 1094 >77 


Base aim ol all m>or are 100 excew BntsHs 5E - 1.000 JSE Cold - 255 7 JSC imantnah - 
264 3 and Austral U. AH Omrnary and Metals - 500.- NYSE All Common - 50: Standard and Poor's - 
10; ana Toronto Composite and Metals - 1000 Toronto maces based 1975 and Montreal Ponloi.o 
411/83 t Excluding wads, o 400 rmhiuriah pint 40 utiillies. 40 Fuunciaii and 20 transaoru >c> 
Closed. lai UuurlaMc. 


TOKYO - Most Acdvb Stocks 
Thursday, October 29. 1987 

Stedu Closing Otaiqa Stocks Clotmg Donne 

Traded Prints on Boy Traded Prices on Day 

Kewtuki Id 1 04.30m 335 + 8 Skews 0®*o 15 50a 700 + 17 

Mppm Sri 74 G7m 042 ueh hiiUsu 13 65m 1.050 - 80 

MpponKakan 3G.B7n 335 + 5 MiUrikst* Heavy tads 12 Un filD - 6 

Sun— oUeUd 23.27m 302 ueb Osaka Cement 12 52m EI9 -21 

HttaddUri 19 61a 1.050 - SB losttba 10 67a 63S - 25 


North American quarterly results 


BALLY MANUFACTURING 
Casino hotels and ham 

Ite7 

Third quarter S 

B e rn ioes 483.7m 

Hip net Incan 20.99m 

Op net per sh 0J9 

Nuienaiihs 

Reremot 1291m 

Opnet Inc o m e 3.78a 

Op net per sh. 0.01 

BORDEN 

Food nwatactnrer 


Tkhdquartfr 

Revenues — 

Net income 

Net per share—. 

Ninemooths 

Rnmies — 

Net Income — 
Net per aare 


GENERAL ELECTRIC CANADA 
Electrical goods 


1986 

3 dllh. *£££**' 

028 Nctprrshara— 
Nlae months 

W-ta Rmetocs 

Nattacome 

0S3 Net per stare™ 

KEMPER 

Property and Ins 


ThM quarter 

Rmaet — 

Opnettecame 

Op Ml per sk 

Nmaontht 


Ntnemontbs 
R tve riues 

Net per sftareZZZ 


2U7 Jpaaila 0 ** 

zo/ Op art per sh 

LJZ CLAIBORNE 

Cl atblal ma ata areer 

1« 

_ Third gamar 

■pi ItkeeiteB — — 

•us S'™"* 

Metaer— e— 

Lop* 


SHELL CANADA 

Oil and gas 


1987 

1*186 

TMipaltr 

CS 

Cl 


123bn 

LlObr 

Net income ~ 

94.0" 

160s 

Met wi shara — . 

0JD 

041 

Niwrama 

36bbn 

3 70t» 

iuci tncwnf - — . 

2616-1 

MOw 

Wet pc* share 

224 

056 

TORONTO 5UN PUBLISHING 


PrisUshtag 




1987 

198b 

Third Quarter 

CS 

CS 

Revenue... 

842m 

80 Am 

Mm iiws* 

3 0m 

2J0m 


045 

044. 

Nmt months 

2524m 


Net income _ 

1140m 

9J0m 

Net per share. 

056 

049 

TRADERS GROUP 

Fbuncul services 


* yvteTTx/xwr Chief price changes 

LONDON (in penes unless ottiewiae indicated) 


IUOCq. 1ft 

E5UWpc2005.EI10 ! %2 +*%* Barclays -473 +10 

Ex.l2pc2013-17E127 s Ai Bass -853 +20 

BPft . ?7fi +19 Beech am -393 +15 


Booker J41 + IB 

Brit Gas 145 + 8 

BP. — wwy..... ...,,259 + 5 

Burton — 226 + 6 

Calor 403 +35 

Etam _253 +12 

FreshbkeFds J15 +13 

Glaxo Elltt +'%i 

GRE 870 +30 


Prudential — ^23 +45 

Redland 391 +27 

iyirWoodrw^.330 + 29 
Tesco 1B7 +12 

FALLS: 

ia 989 -m 

Molins — 200 - 9 

Std-Chrtrd 450 -38 


CONSOLIDATED EDISON 
UliUty 


Third quarter 

Revenues 

Net farame 

Net per (&)■«„_. 

ENSERCH 

D i imrs H iedetiefBr 


IW 7 19Gb 

unbn 1.41HB 

235.7m 213.7m 

1.9b 1.71 


ThM carter 

Rcwaten 

NctiaCdmr — . 
Net per share 


1W 1986 

635.7m 6653m 

■622.000 ■85*1 

■0JJ7 -0J2 


0U AKER STATE 
Motor 00 cri literlcaMi 


ThWqnarttr 

Net burnt 

NM par share— 

SEARS CANADA" 
ReWllnj 


NetlBCoar — 
Neipcritet- 


1«7 198b 

5 S 

202.9m Z255m 

6.42m 236a 

DJ4 063 


1987 1986 

CS CS 

952am WZJm 

742m 923m 

0J8 044 


TUrd carter 

Reeenm 2 

Opnet maw— . — - 

Op act per sh........ 

Nine monhs 

Rweaues . — b 

Opnet acme 

Opneipeish..--.- 

TRANSCANADA PIPELINES 
Pipehm apentor 


Third qearlv 

Re v rto es 

NM income 

Neiperthart 

KmemMbs 


TRIANGLE INDUSTRIES 
Packaging prnhKU maker 


Thtrd nuarter 

Rrvmues 

Net mtame 

hn pel slurr 

Nine mortfts 

Revenues 

Net imne 

Net pet stare 


Thirtqiuitev 
Revenues 
Net intame 

Net per snore 

Nov months 

knmri 

Nrt income 
N« per share. — 


WENOVS INTERNATIONAL 
Hamburger rKcmrii 


Tin id quarter 

Grycmes. 

Net mcomr 

Nei per share.—.. — 
Nme months 

Kevenuei 

Net income 

Nnprrsiurr- 


WHEELING- PITTSBURGH STEEL 
Steel producer 


2.43bu 

— 1172m 

— 0.70 


ISa ThrrdipiMtK 
t-3 Revenues 

BW Jm Nrt income 

A2.9m Net urr share. 

026 Nine nwmhs 

3ian N#t«m;'Il - “ 

"ft 


1987 

— 237 Jm 

— 258m 

— 460 


3 


A 


























































































































































































































* 'Jpy 




^.-ra — V*.|| 


^ -sU 



0 Financial Times Friday October 30 

NEW YORK STOCK EXCHANGE COMPOSITE OXJSING PRICES 


-V 'Jrn 


3: 


»■* 


B% 

*n 2 % 

2? 23% 

23 13 

'?4 V, 

3*=» ASA 


-5i , " & £ 

537 £ IS* 2, Si ;* 


■ 5? § IS, 


VHQ 41 1 4 43 -.£ 

aiS 25LH> 1D ^ ** += 

i1 18 BW4Blj 47% 48). +jt 

»* ib% 15% is +1/ 

as j* & & «. 


s» 

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AFS 1 
*55 1 

AM^ MI * ImS ^ +H 

AMR g K&M & * +I ? 

a ?“ % S'Sn I s ? 

« r,' £ *" ™ " - - * s 

£ « AKUb 1 

a 13% Acme* a 
!?* • AcmfC .40 
2®J? fi, » Acm*eja 
*'3 A«E*3ah 
IS? ”4 AdmUa 21 
* AdvSya 

So* SSL **® 

Wt 30% AMD j* 3 
W| A Adobe 

A** jrf!04 ._ 

Aft* pf£40 12. 

Advwt.12e 1.6 6 
2. AeWJ 276 
30% AWPb a 02 
« AtanenM 
gi 1% Alton 
5®» 26 AlrPrd 1 
™% AirbFrt 40 
2% Alrgesn 
AMeaftTU 
AMcen 
AtaP' dpLH7 


«« 2? 7% 7% 7% +% 

* 1M 18 17 17% + % 

® !> 7% b% +T, 


64 


20% 15 
21% T7 
15 6% 


ML 


6fl% 

* 


96 


15-32 % 
10*4 7% 


16 486 25% 23% 25 +2 

6Z7B 12% 10% 12% -t-lh 
716 34 31% 34 +3 

4% 6% + % 

17% -% 
is% ie% 

7% 7% + % 

50% 50% -1 
46% S0% +5 
1524216% 15% 16% +% 

254 2% 2 21. 

40 12 1683 34% 31% 33% +2% 

44 6 1365 13 12% 12% +% 

17 120 10% 8% 10% +% 

14.8 69 16% 15% 15% -% 

18 22 % 11-32% 4-1-32 8% 


5j4 7 
4 8 
54 7 


608 5% 

6 17 % 

9 19% 

613 7% 
5225 52 
2683 52 


12 Mon* 
High loo 

63% 3D 
2« 1214 


IP 

103 

17 

44% 

42 


Oi'gt 

ft Sb CUM Pm. 

Suck On. m | 100s Hgh Low Qmu rim. 
BwttanlJffl 39 12 3510 43% 40% 42% -tit- 
les 231 1Z% 011% 12% +% 
102 11 10% 10% -»-% 

871 18% 

2620 67 
20 14% 

32 14 1301 25% 

65 IS B65 25 
32 18 171BM4 
32 


12 

88 7 
10 . 
93 


10. 


34 8% 8% 8% -M. 

106% M% AtaP pt 9 10. Z120 88 87 87 -1 

Z7% 12% AUMt .16 12 17 1138 13% 12% 13 

14 13 305 16% 14% 16% 4-1 

1.7 11 174 14% 13% 14% 4-1% 

14 16 1481 27 2S% 28% +% 

14 11 9948 23% 22% 23% + 1% 

AlcoS S .84 34 12 838 18% 18 18% +% 

AtoxAlx 1 54 18 10» 17% 17% 17% 4-% 

35% 034% 3«% -7s 


34 

M* 

P 


28% 14% Alberts 24 
24 12% AlbCuUBd 

20% Alton a .48 
18 Alcan a .45 
15% 

17% 

35% Alexdr 
K% 48% AttogCp 
24% 4% AJglni 
34 15% AlgLiidn.10e 

49 31% ARgPw202 

1057b 92 Altagta 1 
18% 9% AltenG 48 
247, 14% Alton pfl.75 
15% ADdPO 

AMSflflf.BO 
vJAtasC 
AlisC d f 
AMMun.03e 
AU.TLs1.S2 
84% 32% Alcoa' 120 34 
32 14 AmxG n.04e 3 

29% 11% Amax 
47% 32% Amax pf 3 
417, 21% AmH*&30e 
30% 6% ABrck a05e 
80 39 AmBm820 

34% 30% ABrd pC.75 
118% 83% ABrd pC.67 
26% 17 ABkJM 40 
31% 22i 2 ABmPr.BO 
25% 177, ACapB820 
35% 201. ACapC9k02e 
247, S% ACMR la 
4% 1 ACemC 

57 29 ACyans14S 

31% 17% ABPw 226a 


4Si, 27 
3 % 1 % 

37% 6% 
10 % 9 
34% 23 


129 40 

5 142 85 " 61% 65 " +3' 

1548 5 4% 4% -% 

4 2817 15% 015% 15% 4- % 

74 10 330 37% 36% 37% +% 

14 38 9016 75% 72% 74% -t-1% 

5.7 100 101, 0 8% 9% +% 

If. 3 15% 15% 15% -1 

6 196 18% 16% 16% -% 

52 10 1063135% 33% 34% +7, 

784 1% 0 1% 1% 

Z7 8 ~ * 

4 340 8% 

5.7 14 241 Z7 

6500 41 
52S 18% 

14 4867 15 

74 13 38 

12 8 


7% B 

9% 9% +% 

24% 26% +1% 

37% 401, +3 

15% 15% -1% 

14% 14% +1 

37 38 -*-33. 

4745 24% 23% 24% +1 

1407 17% 15% 16% -1 

5.1 10 3487 44 40% 431, +3% 

84 10 31 40% 30% -i, 

32 10 84% 84% 84% 

51 12 74 1B% 17% 17% 

34 M 8 227, 227, 227, -1, 

11. 68 20*4 18% 20 +% 

028 


18. 

10.7 


261. +% 
0 9 9% 

1% 3» -% 

36% 37% +1% 

“ an* +% 


78 26% 

186 97, 

56 1% 

24 13 4420 39% 

. 83 9 6094827% ... _ _ 

40% 20% A&cp s .75 32 M 2138574% 22% 23% + 7, 

18% 97. AFanils02 1.7 9 1827 12', 11% 127, +7, 

44% 28% AOnCp 125 4.1 7 1828 31% 30 30% -% 

217, 8% AGnl wt 295 9% 8% 9% +7, 

20 12 AHItP Rl22e 8.6 138 14% 14% 14% + % 

34 23% AHarlla 46 34 7 6 25 24% 25 + 1 

11% 4% AHtot 199 8% 6 6% +1 4 

24% 17% AHoMpfLBS 11. 27 18 17% 17% -% 

96% 62 AHoffl«L34 4.7 13 2886 72% 70% 71% +% 

997, 74 Amncs 5 5.7 11 1742 68 66% 88 4-1% 

83% 547, AlnlGr 40 4 18 4825 87 64% 66% +2% 

207, (07, AMI .72 64 9 3526 17% 010% 11% 

51 21% APraad 40 24 8 ~ “ 

72 
84 

3 

14. 

ia 
549 


46 APraO pQ-50 
17% 12% AHEM n la 
19% 10% ASLFta 
237, 14% ASLH (42.19 
107, 3% AShlp AO 
55 33 AmSld 1.60 

BB1| 48% AmStor 44 
83% 56 
60 54% 


357, 22% 

1 ” £ 


17% 13% 
13% 8% 
82 75 

54% 29 


29% 


18% 

40% 


19 

22 % 

IS* 

35% 


1179 24% 22% 24% +37, 

119 48% 48 48% +21; 

183 14% 14% 14% +% 

436 13% 11% 13% +1% 

14 161, 16 16% +% 

152 4% 37, 37, -% 

720 36 35% 35% 

14 U 123 55% 32% 55% +2% 
AStr PIA428 1A 58 59 58 59 +1 

AOr t* B&80 12. 51 5S% 55 55% +% 

AT&T 120 4.1 22 340829% 28% 29% +% 
ATAT pf3.64 7.1 10 51 50% 51 

6 51% SO 7 . 51% +% 

407 15% 014% 15% +% 

,270 14% 14 14 

ZU014% 14% 14% 

104 81, S', 9% 

5 791* 78% 791, +% 

51 36% 34 38% +17, 

1 114 114 114 

3 25 024% 25 +% 

14 15 2238 97, 8 B'l +2 

44 M 911 29, 24 29% +1% 

10. 92 10% 10*4 10% +% 

220 25% 24 25% +1 

7.1 175 26% 024% 26% +1% 

138 2% 2% 2% -% 

4.7 15 4E40 7D 68% 69% +% 


AT&T pO.74 74 

257, 14% AmWtrs.64 4.1 8 
17% 13% AWat pr12S B4 
AWa 5pM45 84 
AfflHod 

ATr pr 827 74 
ATr sc 

134% 103% ATr un 647 54 
371, 24% AfflsronSB 34 7 
— 7% AmeaDnO 

24 Amato 1 
81, AmenS4.0S 
16% Amfac 

37% 29 Amhe pfl48 
4% 1% vlAmtac 

oQij 57 A moon 3- 30 

71% 34% AMP 40 24 21 934844% 40% 44% 


2.7 


30% 

34% 

16 


759 11% 11% 11% 

7D 9% 8% 9% +% 

12 39 77, 71, 77, +% 

5.4 8 356 21', 020% 21% +% 

19 4450 5% 4% 5% +% 

14 1931 20% 18*1 20% +1 

30 1635 11% 10% 11% +1 
4 11 BBS 16 14 15% +1% 

34 11 310 21% 19% 21% +1', 

19.103 58 10% 10% 101, -% 

14 17 14934317, 29% 31% +2% 
24 260 8% 7% 8% +1% 


5.4 9 141 8% 

84 301 7% 

15. 822 47, 

10. *730 80 

12 561 23 
4 12 9871 20 
4 *2150251 

14 10 3410 225 
33 16 674 119 


a 

5 

11 . 

34 9 
74 
86 9 


Bi* 

B% 
12 20 
3(37 29 
Z100 48 


tt. 


11% Ampco 40 
6% Arm* a 
7 Am reps 
2T1 AroSJfi 1.16 
107, 3% Anacmp 
347, 18% Anadrk 40 
237, 8% Analog 

11% AncnGs 46 
18% Angelic .72 
9% AnglCrti1JS2 
40% 24% Anftflua.60 
17% 6% Anttimn 
15% 7% AnmonyM 
12% 7% Apache 48 
9% 37, ApcP un .70 

101% 72 ApPw (4812 
41% M AppIMg 
27% 17% ArctiDnlOb 
38% 17 ArcoCh20e 

39 16% Artak: n46e 

30i, 10% ArkBsl 46 

26% 18% Arlda 146 64 13 3483 
SB 40 Arkta pi 3 74 3 40% 

19% 7% Armada 

14% 4% Arnica 

25% 14 Armc pO.10 

47% 22% ArmW 40 
58 48 ArmW pO.75 

29% 13% Armtek M 

12% 4% ArjwE 30t 

21% 11 ArewEpn44 

33 14% Arlra 

39% 18 Antal 48 34 7 

34% 13% Aesree 8 

71% 46% AaM08140 

12 4% AataPcn * 

16% 6% AtalSoa 

23% 11 AffrionU.60 

41% 30 AlCyB24B 

991, 53% AtiFUch 4 

S3 14% AttasCp 

8% 3% AwdVO 

28% 11% Augot 40 

27% 10 Ausiml 42 

541, 32% AutoOt 44 

8 3% Avalon 40e 

29% 13 AVMC a JB 

29% 151, Avery s AS. 

38i 4 18% Amt 40 22 36 3251 23% 21% 23% 

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Travelling on Business to Athens? 


Enjoy reading your corapfimentary copy of the EnanrialTuncswhen you’re staying . . . at the Hotel 1 
Athenaeum. Astir Palace Hotel, Astir VouUagmenis Hotel, Hotel Grande Bretagne. Hilton Hotel. 

FINANCIALTIMES 

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Continued on Page 47 


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Steadier nerves 
1 provide sounder 
foothold for Dow 


WALL STREET 


A CLEAR improvement in market 
sentiment helped Wail Street stocks 
stage their best performance in two 
weeks despite investor worries 
about the shaky dollar, writes 
Roderick Oram in New York. 

Bonds also managed to post mod- 
est gains after the dollar stabilised 
temporarily with the help of mas- 
sive central bank intervention. 

The Dow Jones industrial aver- 
age closed up 91.51 points at 
1,938.33, its third best gain ever in 
points terms, after enjoying almost 
continuous gains from a firm 
opening. 

Broader market indices partici- 
pated strongly in the rally after lag- 
ging well behind the blue chips in 
recent days. The Standard & Poor's 
500 dosed up 11.48 at 244.76, the 
New York and American stock ex- 
change composites added 5.97 to 
136.28 and 7.71 to 241.72 and the 
over-the-counter index rose 15.18 to 
307.06. 

New York Stock Exchange vol- 
ume was 259.3. somewhat lighter 
that earlier this week but still 
heavy by normal standards. Ex- 
changes again closed two hours ear- 
ly. Advancing issues outnumbered 
those declining by a ratio of almost 
four-to-one. 

Traders said institutional buying 
was strong for the first time since 
the market began to fall apart two 
weeks ago. 

High technology stocks remained 
at the forefront of the rally, al- 
though IBM, up S2¥i to Sl20ft, 
lagged behind other computer 
stocks. Digital Equipment rose S9'A 
to 5134%, Control Data added S2ft to 
S23ft, Data General was up S% to 
S20ft, Apple jumped S6 to $39ft and 
Hewlett Packard added S3 to 548. 

Charles Schwab dropped SI to 
56%. The discount brokerage house 
said it had suffered aS22m loss on a 
customer's unsecured options. Al- 
though margin calls have slowed 
considerably, easing the selling 
pressure on investors, Wall Street 
was beginning to wonder how great 
will be its liabilities from retail cus- 
tomers. 

Apart from Schwab, other bro- 
kerage houses with heavy retail ex- 
posure were generally higher yes- 
terday. E. F. Hutton added 51 to S16, 
Merrill Lynch was up $ft to 524% 
and PaineWebber Group rose Sift 
to S15ft. Companies with retail bro- 
king subsidiaries also held their 
ground. Sears, Roebuck added $ft 
to S34ft and Primerica rose Sft to 
$27ft. L. F. Rothschild rose Sift to 
S5ft on reports that the Wall Street 
firm, hard hit by trading losses, was 
seeking an equity injection or a 
takeover offer. 

In the takeover arena, USG 
soared S9ft to S37ft after a group of 


investors offered to pay S50 a share 
for the building materials group. 

Singer rocketed up £9% to 542 af- 
ter a group of investors led by Mr 
Paul Bilzerian declared a 9J9 per 
cent stake in it 

TWA rose S2 to SI8ft. Mr Carl 
Icahn, its chairman, has increased 
his ownership to 74.9 per cent 

Piedmont Aviation soared S6ft to 
561% on hopes that Washington will 
approve soon the airline's takeover 
by USAir, up 51ft to 530ft, if the pro- 
posals were modified to settle anti- 
trust issues. USAir is offering S69 
and 52.23 a share in backdated in- 
terest for the Piedmont shares. 

News Corp. fell Sift to 5I4ft on 
speculation that Mr Rupert Mur- 
doch. its chairman, has decided to 
sell the New York Post to comply 
with Washington rules that a com- 
pany cannot own a newspaper and 
a television station in the same 
country. 

Credit markets held up well to 
the weakness of the dollar although 
a barrage of statements from senior 
government officials in leading in- 
dustrialised countries made for 
sharp fluctuations in the foreign ex- 
change markets and choppy trading 
in bonds. 

With the help of rallies in bond 
markets overnight abroad, US 
bonds opened higher in New York. 
By late afternoon the price of the 
Treasury’s 8.75 per cent benchmark 
long bond was up *ft« of a point at 
98ft« yielding 9.06 per cent. 

The Federal Reserve did four-day 
system repurchases to add reserves 
to the banking system. The fact it 
acted at its usual time in late morn- 
ing suggested the central bank was 
relatively happy with the Fed 
Funds rale trading at around 6ft 
per cent Earlier this week it had 
been more aggressive in its actions 
when the rate was over 7 per cent 

CANADA 

TORONTO stocks closed higher in 
mixed trading as returning investor 
confidence led to bargain-hunting 
among issues battered m the recent 
sell-off. 

The composite index, which had 
fallen 12 points in early trading, rose 
34.50 to 2872.40 as declines led advan- 
ces by 608 to 410 on volume of 3I.8m 
shares. 

Mines and metals posted a broad 
advance. Noranda rose CSft to 
C$2 Oft, Alcan Aluminium advanced 
CSlft to CS31 and Inco climbed CSft 
to CSISft. 

In industrials Canada Develop- 
ment rose CSft to C59ft and Cana- 
dian Imperial Bank advanced CSft to 
(318%. 

In Montreal, the market portfolio 
index rose 27.53 to 1470.73 on volume 
of 8.4m shares. In Vancouver, the in- 
dex fell 33.99 to 1124.07 on volume of 
18.1m shares. 


London anticipates an upswing 


LONDON anticipated a 
steadier trend in the global 
securities markets yesterday 
when Japanese and US equi- 
ties quoted here began to ral- 
ly bom their recent losses 
even while their domestic 
markets were still dosed. 

Japanese stocks did well, 
led by a strong performance 
from the market for Japanese 
share warrants. 

It may be a little early to 
start looking for the light at 
the end of the tunnel, but at 
least it looks a little brighter, 1 ' 
said a trader in Japanese se- 
curities at a large US trading 
house. 

US stocks also traded 
higher in London, and there 
was "more stability” in Euro- 
pean equities, said Mr Rus- 
sell £ naira at Salomon 


BY TERRY BYLAND IN LONDON 


Brothers, a major US trader 
in Continental stocks. New 
York buying also led strong 
recoveries in key European 
issues. 

UK shares were in better 
form, although buyers were 
restrained by the nail-biting 
wait for a decision on the 
£7.2bn ($122bn) British Petro- 
leum issue by Mr Nigel Law- 
son, the UK Chancellor of the 
Exchequer. 

London's specialists in Jap- 
anese shares refased to be un- 
settled by the overnight fall in 
Tokyo, which they said was- 
substastially less than they 
had feared. 


"In London, we tend to an- 
ticipate Tokyo trends* said 
one. However, he agreed with 
dealers in other non-UK 
stocks that ”a further fall in 
the dollar won’t help us." 

Market indices were held 
back by the uncertainty over 
the BP issue. Concern over 
the prospective loss on the BP 
underwriting, which is well 
spread among the major Lon- 
don and US securities houses, 
prompted a sell-off in equi- 
ties earlier this week. 

With the City of London On 
tenterhooks yesterday after- 
noon for a statement from Mr 
Lawson, share gains were 


trimmed sharply. The FT-SE 
100 Index, 35 points up at first, 
ended only 23.6 higher on the 
day at L682. An uncertain 
start on Wall Street later 
helped cool London's ardour. 

Government bonds gained a 
further 1 point, however, sig- 
nalling both expectations that 
the Government will receive 
its BP cash and that UK bank 
base rates will be cut very 
soon. Several leading stock- 
brokers began to advise cli- 
ents that investors should 
"take a longer perspective and 
buy now.* 

UK equities on the FT Ordi- 
naries index are now offering 
yields of 4A per cent overall, 
against SL3 per cent on 20-year 
British Government bonds. 
-Yields on some second rank 
-issues are even higher. 




Ascending yen 
forces Nikkei 
into steep fall 


TOKYO 




Wider calm eludes German stocks 


ALTHOUGH selling continued 
in Brussels and Frankfurt - 
where the dollar's weakness 
hurt exporters' stocks - other 
major European bourses recov- 
ered some poise yesterday, 
writes Our M arkets Staff. 

FRANKFURT skidded down 
4.7 per cent as retail investors 
sold heavily on a further sharp 
dip in the dollar. Both the Com- 
merzbank index, down 69.80 to 
1.427, and the Boereen-Zeitung 
index, down 10.18 to 296.94, 
reached troughs for the year. 

Car makers again suffered 
most acutely, with Daimler tum- 
bling another DM37 to DM758, 
leaving it 38 per cent off its best 
price this year. VW plummetted 
DM27.50, or 95 per cent, to 
DM260.50, hurt particularly by 
news that state prosecutors are 
investigating possible ftirther 
illegal currency transactions. 
BMW, though, rebounded DM5 
from sharp recent falls to 
DM495. 

Chemicals lost more ground, 
BASF shedding DM11.30 to 
DM259.20, Bayer DM8.50 to 
DM272, and Hoechst DM3.30 to 
DM249.30. Siemens led electri- 
cals down with a DM14 fall to 
DM463 and A EG f ollowed, los- 
ing DM20 to DM233. 

Other casualties included 
sportswear maker Puma, which 
crashed DM90 to DM200, a 31 
per cent fall, Lufthansa, down 
DM13 to DM12D, and computer 
stock Nixdorf, off DM46 to 
DM60Q. 

Deutsche Bank, however, ran 
against the trend with a DM3 



Frankfurt 

Commerzbank Index 


2000 i» 


1800 x : " 7 \ 


1600 ■ 


1400 



Jul 


1987 


Oct 


Monumental foils in Frankfurt 


rise to DM500 in an otherwise 
easier sector. Dresdner fell an- 
other DM8.50 to DM2SL50 and 
Commerzbank lost Dm4 to 
DM232. 

Engineers gave way to selling. 
Insurer Allianz, though, clawed 
back DM20 of Wednesday's 8.1 
per cent fall to DM1,080. 

ZURICH held its ground in a 
jittery and heavy session, with 
prices rising slightly with the 
dollar before the close. The all- 
share index climbed 0.9 to 348.6. 

Blue chips found selective 
support against a weaker back- 
drop. Union Bank put on SFr30 
to SFr3.850 and Credit Suisse 
held atSFr2£25. 

Insurers were mixed, with 
Swiss Re losing SFr200 to 
SFrl 1.800, Winterthur off SFr25 


to SFr4,77S, but Zurich rising 
SFr50 to SFrS.lOO. Adia, howev- 
er, improved SFtSQD. or 10 per 
cent, to SFr6.400. while Ascom 
marked up SFr200 to SFrt^OO. 

Engineering issues also ral- 
lied. paced by a SFr200 rise for 
Brown Boveri to SFrZ300. Alu- 
suisse was steady at SFr560- 

BRUSSELS dropped by more 
t han 3 per cent under the 
weight of strong foreign selling, 
which in turn unsettled local in- 
vestors. The cash index Fell 
J253.13 to 3,739.24. 

Holdings crumbled as former 
market leaders again bore the 
brunt of selling. Reserve 
slumped BFr335 to BFi2.155, 
Sofina BFr750 to SFT9.450 and 
Cobepa BFT250 to BFz4,650. 


Petrofina was off BFr490 at 
BFz9,31Q. while in chemicals 
Solvay dipped BFrSO to 
BFI9J980, UCB lost BFr50 to. 
BFr7j900, but Gevaert picked u / 
BFrlOOto BFrMOO. j 

Insurer AG continued to, suf- 
fer despite its better eaytaings 
figures, losing BFr&80 to 
BFr5. 04Q. Ban ks declined. 

AMSTERDAM made modest 
progress despite a patchy per- 
formance from international is- 
sues. The all-share index edged 
OB higher at 66.5. 

• Large capitalisation quality 
stocks moved narrowly, with 
Akzo down FI 1 at FI 1X3 and 
KLM 80 cents cheaper at FI 34. 
Philips was off FI 1.40 at FI 
3430 prior to today's third quar- 
ter results, which are expected 
to improve. Royal Dutch 
clim bed 5 0 cents to FI 207.50. 

PARIS rebounded strongly af- 
ter a firm start, aided by Wail 
Street's early strength and the 
dollar’s slight comeback. Rising 
stocks outpaced falls by 2-to-l. 

Tbomson-CSF featured with a 
FFr120 gain to FFr620, while 
Lafarge-Coppee made up 
FFr125 to FFrl.160. Cie du Midi 
added FFr95 to FFr885 and 
-Navigation Mixte rebounded 
strongly with a FFr73 gain to 
FFr645. 

OSLO plunged fiirther as mar- 
ket confi